Skip to content
BOL Conferences
Thread Options
#137626 - 12/09/03 07:17 PM High-Risk Businesses
Tesla Offline
Power Poster
Joined: Nov 2003
Posts: 3,726
I have been diligently working on updating our BSA/AML Policy and note, as an FDIC regulated bank, we must have procedures in place to monitor high-risk businesses. The OCC provides guidance on what types of businesses are high risk and to be monitored, but I didn't see anything from the FDIC. Is it ok to use the OCC's list or will we find trouble by singling out those types of businesses for monitoring?

Thanks for your thoughts!
_________________________
It's not that I take life for granted. It's only that the good won't make it. Innocence dies, while Villany Thrives.

Return to Top
BSA/AML/CIP/OFAC Forum
#137627 - 12/09/03 09:28 PM Re: High-Risk Businesses
MagicCity Offline

Power Poster
MagicCity
Joined: Apr 2003
Posts: 3,003
Fort Lauderdale, Florida
The OCC list is what is used by most as a listing of high risk accounts. (We are also regulated by the FDIC.) It is not all inclusive and it depends on your service area, but for example I have included PhoneCard companies in the Cash Intensive category.
Hope this helps you.

Return to Top
#137628 - 12/09/03 10:02 PM Re: High-Risk Businesses
Tesla Offline
Power Poster
Joined: Nov 2003
Posts: 3,726
Yes it does help, thank you!
_________________________
It's not that I take life for granted. It's only that the good won't make it. Innocence dies, while Villany Thrives.

Return to Top

Moderator:  Andy_Z