As part of our BSA Exam we are being questioned about Customs Form 4790. Examiners are indicating that we should be filing this form for foreign wires over $10,000. The form indicates that individuals should file this form. What are banks obligations in regard to this form? Are there special forms or procedure that need to be followed for wires out of the country. Are there special rules under OFAC or the PATRIOT Act?
Is a financial institution responsible for checking the OFAC List for ALL names on EVERY transaction provided to a noncustomer? For example, cashing payroll checks drawn on our bank are we required to check the OFAC list for the payee's name? Or the payee of a Cashier's check, etc.? Will a name match only (since we would not have any other information, in the case of a payee of a Cashiers check) be enough for us to call OFAC?
The US Customs Service has implemented Operation Green Quest.
Reg D Limits: (Scenario: MMDA i/n/o "Deposit Broker, as Agents for others" for which daily settlements are effected.) Are wire transfers from the MMDA limited to 6 per month when the request to wire funds is hand delivered to the institution by a messenger from the deposit broker?
FinCEN isn't the only agency taking aggressive action to enforce the Bank Secrecy Act. The Federal Reserve recently announced two enforcement actions involving violations of BSA.
Confusion abounds in the wire transfer compliance department. Wire transfer rule changes have been talked about for so long that everyone thinks they missed the final.