Most Popular Compliance Content
Check Processing Fee
01/17/2005
We charge $15 to process a collection item. Is there something in the law which states that this fee is allowed to be in addition to the check amount or is the fee to be deducted from the check amount (and the remainder sent to the collection agency)? Also, does the law specify what is a "reasonable" fee to charge?
Due Diligence on MSB Customers
01/17/2005
In the answer given by Ryan Rasske on "AML Requirements Upon Identifying an MSB", he stated, "It is up to the bank to conduct the proper due diligence on their MSB customers and ensure they are complying with the law." We are in the process of determining what our responsibility is as a bank to ensure that our customers are complying with the law. What specifically do we need to be doing to be sure that we are using "proper due diligence"?
Garnishment
01/17/2005
Can a bank garnish the total account if it is a joint account?
Wire Transfer Via On-Line Banking
01/17/2005
I have been told that the employees in charge of on-line banking are considering allowing wire transfers through our new on-line banking product. What kind of compliance and security issues should they consider when they are designing this product? We are new to on-line banking so my feeling is that we should learn to crawl before we run. Some of the bigger banks do not have this on-line banking feature. How does our midsize bank think they have the resources and the knowledge to accomplish this?
CIP Requirements on a New Loan Customer
01/17/2005
Do we have to complete a customer information profile for the customer Identification Program each time we make a new loan to a customer?