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#102271 - 07/31/03 05:04 PM
314a list
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Anonymous
Unregistered
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If you have a hit from the list, do you still conduct business has usual? I have transmitted the form to FINCEn and I haven't received a response. Can we still send wires and ACH to the item on the list?
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#102272 - 07/31/03 05:12 PM
Re: 314a list
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Diamond Poster
Joined: Jan 2003
Posts: 1,454
metsuretsu
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I have found nothing that would prohibit you from conducting business as usual (If this is what your bank wishes to do). If you have questions about this issue, please contact FinCEN or your regulatory contact as listed in the FAQ. If you do not know who to contact, post your regulator information and I will try to help.
_________________________
I have many opinions; some are good, some are bad, and some don't contradict.
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#102273 - 07/31/03 05:18 PM
Re: 314a list
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Anonymous
Unregistered
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#102274 - 07/31/03 05:20 PM
Re: 314a list
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Diamond Poster
Joined: Jan 2003
Posts: 1,454
metsuretsu
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FDIC Contact: Special Activities Section telephone (202) 898-6750, fax (202) 898-3671, e-mail fdicadvisory@fdic.gov
_________________________
I have many opinions; some are good, some are bad, and some don't contradict.
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#102275 - 07/31/03 05:22 PM
Re: 314a list
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Anonymous
Unregistered
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Thank you so much for your help.
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#102276 - 07/31/03 06:03 PM
Re: 314a list
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Anonymous
Unregistered
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I am unable to get anyone at FDIC. The one person responsible is on vacation. Do you have the number at FINCEN. I tried to find it, but the only number I could find was OFAC hotline.
Thanks,
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#102278 - 07/31/03 07:24 PM
Re: 314a list
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Diamond Poster
Joined: Jan 2003
Posts: 1,454
metsuretsu
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Quote:
I am unable to get anyone at FDIC. The one person responsible is on vacation. Do you have the number at FINCEN. I tried to find it, but the only number I could find was OFAC hotline.
Thanks,
The FinCEN Regulatory Hotline number is 1-800-949-2732. This is the contact for FinCEN. Good luck!
Sorry it took so long to post this answer, I was in a meeting for the past couple of hours.
_________________________
I have many opinions; some are good, some are bad, and some don't contradict.
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#102279 - 07/31/03 07:52 PM
Re: 314a list
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10K Club
Joined: Oct 2000
Posts: 27,752
On the Net
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You are not required to close an account or terminate a business relationship, based on a hit. Those would be your choices but you cannot use a 314(a) hit as a reason to sever the relationship.
_________________________
AndyZ CRCM
My opinions are not necessarily my employers.
R+R-R=R+R
Rules and Regs minus Relationships equals Resentment and Rebellion. John Maxwell
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#102280 - 07/31/03 08:21 PM
Re: 314a list
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Anonymous
Unregistered
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Thank you for all of your help!
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#102281 - 07/31/03 08:30 PM
Re: 314a list
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10K Club
Joined: Oct 2000
Posts: 27,752
On the Net
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I thought this was on a FinCEN Q&A that I thought I had a copy of and I thought it was on the ABA site, but I can't locate either (new PC) right now.
_________________________
AndyZ CRCM
My opinions are not necessarily my employers.
R+R-R=R+R
Rules and Regs minus Relationships equals Resentment and Rebellion. John Maxwell
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#102282 - 07/31/03 08:36 PM
Re: 314a list
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Diamond Poster
Joined: Jan 2003
Posts: 1,454
metsuretsu
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Quote:
I thought this was on a FinCEN Q&A that I thought I had a copy of and I thought it was on the ABA site, but I can't locate either (new PC) right now.
Andy, The fact that a financial institution is not required to close the account is listed as number 15 on the FAQs dated 2-03.
_________________________
I have many opinions; some are good, some are bad, and some don't contradict.
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#102283 - 07/31/03 08:39 PM
Re: 314a list
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10K Club
Joined: Oct 2000
Posts: 27,752
On the Net
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And here is the link. FYI, FinCEN took this off their site believing, I suppose, that it gave to much info to bad people.
_________________________
AndyZ CRCM
My opinions are not necessarily my employers.
R+R-R=R+R
Rules and Regs minus Relationships equals Resentment and Rebellion. John Maxwell
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#102284 - 07/31/03 08:42 PM
Re: 314a list
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Diamond Poster
Joined: Jan 2003
Posts: 1,454
metsuretsu
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Go Figure! 
_________________________
I have many opinions; some are good, some are bad, and some don't contradict.
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#102285 - 07/31/03 09:49 PM
Re: 314a list
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Power Poster
Joined: May 2002
Posts: 3,608
Near the Land of Enchantment
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From the ABA Bank Compliance supplement - July 2003 that I received today:
"Financial institutions are not required to close any account involving a 314(a) subject, another common question according to (Al) Zarate (Senior Regulatory Counsel at FinCEN). The decision to close any account, or to refuse to open an account, rests with the financial institution. However, he recommended that before doing so, financial institutions notify the law enforcement contact listed on the 314(a) request to determine if closing the account would interfere with an active investigation."
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Opinions my own.
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