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#1643670 - 12/28/11 03:23 PM Trust Accounts
LTaylor Offline
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Joined: Nov 2011
Posts: 3
Can anyone share your thoughts on Trust Accounts as related to BSA? Do you have a special review for Trust Accounts monthly or quarterly?

I appreciate any information.

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#1643806 - 12/28/11 05:13 PM Re: Trust Accounts LTaylor
BFrame Offline
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BFrame
Joined: Nov 2011
Posts: 401
USA
We have very few Trust accounts so it's pretty easy for me to regularly review them.
In addition to simply monitoring the activity in those accounts, we verify that our trust accounts are not connected with those indicated on the 314(a) list.

I just opened my copy of the 2010 BSA/AML Examination Manual (page 286) and it gives an overview of Trust and Asset Management Services - explaining CIP, risk factors, and risk mitigation (including checking trust account names against 314(a) search requests).
Last edited by WhoSaid; 12/28/11 05:14 PM.
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