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#2256987 - 07/21/21 12:22 AM BSA and Telegraph Company
Anonymous
Unregistered

Does anyone know what a telegraph company is under the BSA's list of non-bank FIs? I cannot seem to locate a definition.

All I can think of is the old school form of communication. Is there a newer version of telegraph company that allows funds to be transferred?

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#2256988 - 07/21/21 01:24 AM Re: BSA and Telegraph Company Anonymous
InFairness, CRCM Online
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InFairness, CRCM
Joined: Nov 2010
Posts: 550
USA
Western Union was originally a telegraph company, if that helps.
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#2257806 - 08/06/21 06:44 PM Re: BSA and Telegraph Company Anonymous
Anonymous
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Another anon here - that's just another example of how slowly the bureaucratic agencies update their manuals and guidance docs. Telegraph companies would be like Western Union, Alta California Telegraph Company, Commercial Pacific Cable Company, Desert Telegraph Company, etc. - most of which haven't been in operation in decades.

This is a lot like how examiners pay so, so much attention to "Remote Deposit Capture" customers, terrified that one day someone will unplug one of the machines in Chicago and move it down to Mexico City or somewhere, totally oblivious to the fact that any customer with a cell phone has a "remote deposit" device, already mobile, in their back pocket.

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#2257817 - 08/06/21 07:30 PM Re: BSA and Telegraph Company Anonymous
edAudit Offline
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edAudit
Joined: Jul 2008
Posts: 4,709
You are here
it does not seem to be defined my guess would be SWIFT (fed wire) but who knows?
Last edited by edAudit; 08/06/21 07:31 PM.
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