David Aufhauser, Treasury's General Council was the luncheon speaker at ABA's Money Laundering Enforcement Seminar.
Along with his observations on evolution of both organisms and criminals, van der Zee gave some useful advice on information technology tools. First, purchase only what you can use.
These questions are regarding compliance with OFAC requirements: (a) Are banks required to check for payee of checks drawn on them and received by them for payment across the counter or through clearing? (b) Are banks required to check for the name of the drawer of checks sent by them for clearing? (c) In case of banks which provide cash letter service to their correspondents abroad, are they required to check for both drawer and payee? If required, how do banks manage this as automated checking of this information would not be possible in most cases.
Financial education is more important than ever. The FDIC was the first regulatory agency out of the chute with its "Money Smart" program.
Where's a good source for obtaining the basic knowledge needed for a novice to conduct an audit for the areas electronic banking and Internet banking?
What are the information security needs of a bank?Which laws/guidelines deal with information security needs of the bank?What are the steps involved in designing a security policy for a bank?
By Barbara E. Hurst, Editor
This issue is dedicated to compliance with ADA on the Web. Compliance Action gives special thanks to Andy Zavoina, our newest Advisor.
I'm thinking of buying OFAC software to look for matches in our existing customer base. Can you suggest any software or companies that are effective and cost effective as well?
What are some suggestions on how to check the OFAC listing other than manually? Is there any good software out there?