Most Popular Compliance Content
Treatment of Departing Employees
11/15/2004
If an employee gives two weeks' notice when he resigns, as required by the employer's personnel manual, and the employer tells the employee to leave immediately, is the employer required to pay the employee for the two weeks since two weeks' notice was required by the employer and the employee complied with the requirement? From the same question above, if the bank paid one white employee for the two weeks, but chose not to pay the same level minority worker -- is that legal?
Reclassifying Savings with EFT Access
11/15/2004
This is a Regulation D question regarding savings accounts. We are looking at moving the balances of all savings accounts that have ACH debits currently set up, as well as all accounts that have an ATM or debit card, into a separate general ledger and classifying those accounts as "Transaction Accounts" for call report purposes. These accounts would not be closed or transferred to another type of account. This would leave the savings accounts as they are now. This would be an internal move only of the balances to a transaction account that the customer would not be aware of. The accounts would continue to earn interest and the customer would continue to pay the bank's excessive W/D fees. Would this eliminate the necessity to notify customers of limitation requirements on existing accounts? Could this make monitoring of any of the savings accounts possibly unnecessary? Could you continue to pay interest on this type of account? Or would this be considered a total violation of Reg. D?
AML Requirements Upon Identifying an MSB
11/15/2004
Could you tell me what the requirements, from the bank's perspective, are when we identify a money service business (MSB)? Would this eliminate the necessity to notify customers of limitation requirements on existing accounts? Could this make monitoring of any of the savings accounts possibly unnecessary? Could you continue to pay interest on this type of account? Or would this be considered a total violation of Reg. D?
Checklist for Compliance Strategy?
11/15/2004
Please provide a detailed checklist for the design of a compliance strategy that can stand the test of time.
OFAC Update - Mary Beth Guard
11/08/2004
OFAC Update
by Mary Beth Guard
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