Most Popular Compliance Content
Why Not Exempt Registered MSBs?
12/06/2004
Could you expand upon the implications of having cash-intensive retailers (i.e. grocery stores) who are registered with FinCEN as MSBs? It just came to our attention that because they're an MSB they cannot be exempted, nor can we exempt the grocery store portion of their business and continue to file on the MSB portion unless they're operated under separate TINs. If that's the case, a bank would often need to file a daily CTR, further clogging FinCEN's database. This seems like a regulatory policy that's contrary to the intention of the CTR process. Do we really want 260 more CTRs in the system for a legitimate business? Shouldn't the fact that they've registered with FinCEN make them legitimate and exemptable? Am I missing something? What solutions do you see to such a situation? I suspect many banks are struggling with this emerging issue and would welcome your guidance.
OK for MSBs to cash checks to businesses?
12/06/2004
I know that banking regulations do not allow a bank to cash a check payable to a business. What are the rules and regulations for MSBs? I noticed that there are several check cashers who continually cash checks payable to businesses. Is this allowed?
AML Policies, Procedures for an MSB
12/06/2004
I work for a convience store which is registered as a MSB. Our banker told us we would need to write a policies and procedures. Could you help with a sample or example. Or would you know where I might find one? We currently cash checks and sell money orders.
Overdrafts Moved to Clerical Position
12/06/2004
Our Senior Management has decided to move the overdraft function from a lender with credit authority to the Operations department as a clerical function. Does this make sense?
Can this Trustee Resign?
12/06/2004
I have a surviving spouse's trust agreement, where the living spouse no longer wants to be the trustee and would like to appoint her son, who is also successor trustee, to become sole Trustee. However in the trust agreement, it states that to amend or change, either trustor can change during the joint lives of the Trustors, by signed instuments delivered to the Trustee. Is this possible to change if one of the Trustors is deceased?