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#2189923 - 08/21/18 04:17 PM Re: why is BOA asking citizenship? Burgess
edAudit Offline
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You are here
Better known as the usual bank bashing without any facts
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#2189934 - 08/21/18 04:48 PM Re: why is BOA asking citizenship? Burgess
RockChucker, CAMS Offline
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Ahh! Thanks for the clarification. Remind me not to subscribe to thenation.com
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#2190000 - 08/21/18 08:03 PM Re: why is BOA asking citizenship? Burgess
thomasj Offline
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It's one of those things where the general population of consumers have not been privy to the fact that banks are required to apply enhanced due diligence to certain high risk groups. I can sense the outrage that could erupt if the story of how the big bad bank has decided to apply a different level of due diligence to the accounts of certain non-resident aliens breaks. There will likely be no mention that this due diligence is a regulatory expectation and how failing to comply is not an option, it will be viewed as oppressive, profiling, and discrimination. Of course if a story broke about a bank who failed to detect terrorist financing, there would also be outrage. Being in banking is a no win proposition no matter what you do it will be wrong.
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#2190006 - 08/21/18 08:13 PM Re: why is BOA asking citizenship? Burgess
John Burnett Offline
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Anyone alive in this discussion (besides me) who remembers the big KYC proposal that went down in flames after the FDIC got thousands of angry comments? Pre-9/11.
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#2190016 - 08/21/18 09:31 PM Re: why is BOA asking citizenship? Burgess
rlcarey Offline
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I do - however at my age remembering anything in detail from that long ago is a challenge.
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#2190022 - 08/21/18 10:30 PM Re: why is BOA asking citizenship? John Burnett
Princess Romeo Offline

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Originally Posted By John Burnett
Anyone alive in this discussion (besides me) who remembers the big KYC proposal that went down in flames after the FDIC got thousands of angry comments? Pre-9/11.


Yep - and the regulators then shifted the KYC components into SAR filing expectations and and non-SAR filing explanations - i.e. how can you explain that these activities are suspicious or are NOT suspicious if you don't know your customer?

Then 9/11 happened and all H-E-double-hockey-sticks broke loose.

And you know, I still hear people talk about how their uncle or accountant has told them to always be sure to deposit less than $10,000 in cash because otherwise the bank files a report with the IRS that will trigger an audit. For reals.
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#2190042 - 08/22/18 12:50 PM Re: why is BOA asking citizenship? John Burnett
thomasj Offline
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Originally Posted By John Burnett
Anyone alive in this discussion (besides me) who remembers the big KYC proposal that went down in flames after the FDIC got thousands of angry comments? Pre-9/11.
I remember this also. I wonder what those people think now... Basically after 911 they re-branded KYC into CIP and nobody said a word.

It's a no win situation. People will complain about invasion of privacy, profiling, and discrimination as we try to comply with CDD expectations; however, in the event that a money laundering or terrorist financing operation is uncovered, the bank will also be crucified for not recognizing it sooner.
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#2190086 - 08/22/18 03:51 PM Re: why is BOA asking citizenship? Burgess
RockChucker, CAMS Offline
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Perfect example of "Never let a good crisis go to waste"
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#2190101 - 08/22/18 04:18 PM Re: why is BOA asking citizenship? John Burnett
P*Q Offline

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Originally Posted By John Burnett
Anyone alive in this discussion (besides me) who remembers the big KYC proposal that went down in flames after the FDIC got thousands of angry comments? Pre-9/11.
Yup! And I'm young! grin wink

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#2190140 - 08/22/18 05:52 PM Re: why is BOA asking citizenship? Burgess
John Burnett Offline
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From where I sit, you are, Pam.
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#2190149 - 08/22/18 06:38 PM Re: why is BOA asking citizenship? Burgess
P*Q Offline

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I was only messin' my friend! But I totally remember the outrage when KYC came out!

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#2190191 - 08/22/18 08:55 PM Re: why is BOA asking citizenship? Burgess
McGruff Offline
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I remember one particular customer (one of those who exists in a state of perpetual outrage) urging me to write my congressman and stop KYC.

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