Thanks for weighing in here. Again, we beg the question, "Will the names on the FinCEN 314 lists, be researched for a point in time or will the list have to be monitored for onging purposes? Naturally, you may not have the answers now, but that will be another hot question unless it is specifically addressed.

This is so confusing. We run all of our accounts through our system, JackHenry provides the software..At the account opening level we go online...www.ofaccompliance.com to run the names before an account is opened..Does the FBI statement have any impact on these procedures.. or is it just in reference to responses for 314a requests..? and

So are you saying that the required "one time check" on the Control list is all we need to do. I have this in my CIP, is that incorrect? HELP! This could go on for days.

In reply to:

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are you saying that the required "one time check" on the Control list is all we need to do.

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Yes IMHO, You check your records when you get the "Control List", document, file it, and more or less forget it until you get a new control list to check.

So placing this requirement within the CIP Program would not be the same as what the "government list" is referencing in the proposed CIP Program?

Regarding Jack Henry, we use their 20/20 System that has OFAC checking. It does not check against any control list unless you have added those names manually and are able to tell one from the other in the event of a hit.

Why are you using the Treasury site if you have the Jack Henry OFAC program? You can do an inquiry that takes about 2 seconds. We check loans and wires that way, before inititating the transaction. For deposit accounts we run a scan of all CIFs every morning to catch new accounts. But you could do a Jack Henry inquiry for those also, if you prefer to check ahead of time.

If you wuld like to discuss this send me a private email.

The Control List instructions say it is a one-time check, but there was a belief that the CIP may alter that. It was an unanswered question. Including it may be OK depending on how you addressed it and what the final rule says it will be. It is an unknown.

Andy,

Thank you for your response. I actually just emailed my regulator to see if I could get some direction from them. I will let all of you know what response I receive. Everyone have a great Thanksgiving. Do not eat toooo much.

I got an update to the Control List from Attus yesterday, that is dated Nov 13, 2002. I use Attus for both the Control List and OFAC.

I just received a Special Release from Thomas Compliance Associates stating that "Treasury has temporarily suspended requirement that Banks provide account and transaction data." NOTE: BANKS ARE STILL REQUIRED TO CONTINUE MONITORING OFAC LISTS

Clarification to my comment yesterday. I did get an update HOWEVER it changed my Control list to the FinCen requests that we have been receiving via email. Sorry for the confusion.

Control? You can't lose what you never had.

We are an FDIC regulated bank in Southern CA. We just finished our BSA exam and there was absolutely NO discussion about the Control List. They didn't ask and I didn't offer.

We received the original list and supplements. We followed the instructions. We did a ONE TIME check.

For those of you that are continuing to check names against the Control List (which I don't beieve is necessary), your procedures should make it clear that your response to a hit would be handled differently from an OFAC hit. My understanding was that some of the individuals on the Control List were not suspected terrorists themselves, but may have a connection to someone the FBI is looking for.

In my experience, when you do more than you are required to do, it may come back to bite you in the posterior.