Most Popular Compliance Content
Outgoing Wire Transfer - Physical Address Required
03/30/2009
Why is it that most banks that originate outgoing wire transfers require a physical address (no PO boxes) for the beneficiary? Is this a compliance requirement and if so, where is it established? I have looked at Reg J, the UCC, the BSA exam manual and the travel rule without much luck. The latter proved more helpful than the others, but still offered little justification for the requiring of the beneficiary's physical address. In this regard, the rule states that the originating bank is only required to retain "beneficiary information provided by the requestor" which may or may not include an address. Any help in determining how and/or why this no "PO box policy" was derived would be greatly appreciated.
Your Vendors & Red Flags: What you don't know can hurt you
03/30/2009
Are banks obligated to ensure that their suppliers comply with the Red Flags rules?
HMDA Reporting - No Written Pre-Approval Program
03/30/2009
If the bank does not have a written pre-approval program should a denied pre-approval request be reported under HMDA?
Provider List Requirements
03/30/2009
Are there requirements for a provider list? We give a provider list at time of GF/TIL disclosures letting our customers know who we use on a regular basis for appraisals, title company, flood and credit reports. Is a list required if we are not affiliated with the business or individual? We do have a separate affiliated business disclosure for those businesses.
Fed Regulator Spreadsheet
03/30/2009
Is there some sort of chart or spreadsheet that shows the FDIC, Fed and comptroller with the similarities and differences in each of their regulations?