Skip to content
BOL Conferences Top Gun 23
Thread Options
#503772 - 02/23/06 05:57 PM 314(a) Review
CrashDavis Offline
Gold Star
Joined: Jun 2005
Posts: 283
Every two weeks I download from the FinCen website the 314(a) subject list and send to several people in our bank to verify if we are doing business with these people. I save this list of names from the FinCen website on my computer. It is password protected and when I send it via e-mail it is also password protected. I ask for responses from the people to let me know if they have any hits or not. I save their responses and place on a spreadsheet the date of the responses.

Should I destroy the file of names and have the people indicate to me they destroy the file also? I heard regulators have written up banks for keeping these files. If it is ok to keep, then how long should I keep them?

Thanks for your help.

Return to Top
BSA/AML/CIP/OFAC Forum
#503773 - 02/23/06 08:59 PM Re: 314(a) Review
MagicCity Offline

Power Poster
MagicCity
Joined: Apr 2003
Posts: 3,003
Fort Lauderdale, Florida
Your IT Department should be checking your customer base and providing you with the results.
Other Department heads should not be receiving the list.
The list requires the highest confidentiality.
I keep them until my next exam and then destroy.

Return to Top
#503774 - 02/23/06 09:21 PM Re: 314(a) Review
Dance129 Offline
Member
Dance129
Joined: Sep 2005
Posts: 80
MagicCity - That is not ture. At my institution, IT does nothing with this. It is all the responsibility of the compliance department.
Baseballfan - We keep our results for the time required by our document destruction policy (as it varies by state). However, the list that we search against is usually saved for about a year and we have not been written up for it.

Return to Top
#503775 - 02/23/06 09:50 PM Re: 314(a) Review
C_D Offline
100 Club
Joined: May 2005
Posts: 116
Our IT department also has nothing to do with this process. I dont keep the list at all. I have a document that I sign and date whether or not we had any hits or not and I keep the emails from the others who check their respective departments.

Return to Top
#503776 - 02/24/06 12:44 AM Re: 314(a) Review
BSA4LIFE Offline
Gold Star
Joined: Nov 2003
Posts: 284
California
I download the list to my desktop and then upload it to my AML software to search our database. The software prints a certification for verification signing. I then delete the list from my desktop. I had an auditor caution me because I was not empting my trash after deletion. He said the lists were not to be saved or shared.

Return to Top
#503777 - 02/24/06 01:45 PM Re: 314(a) Review
Kitty Offline
100 Club
Kitty
Joined: Mar 2001
Posts: 236
When the OTS was here for our BSA Exam they strongly recommened that I stop retaining a copy of the list. They said that I had secured it well but they did not think I should keep it. When I go to the website each week I print the screen that shows the list by date. I also have a form I fill out noting the FinCEN Tracking numbers and all the areas searched.

Return to Top
#503778 - 02/24/06 06:36 PM Re: 314(a) Review
MagicCity Offline

Power Poster
MagicCity
Joined: Apr 2003
Posts: 3,003
Fort Lauderdale, Florida
Dance 129 - It may not be true for your institution.
It is for mine.
The IT staff scrub the database and produce a report of possible matches for Compliance to review.
BSA and Beyonds process is another way I have done it.

Return to Top

Moderator:  Andy_Z