Tocomply
Platinum Poster
Joined: Nov 2004
Posts: 650
Our compliance officer wants us to search our data base to identify individuals owing back child support. If we did this, and identify someone would we be required to file a SAR? Anybody else doing this?
KrisH hit the nail on the head. You’re probably already doing this to comply with the Personal Responsibility and Work Opportunity Reconciliation Act of 1996 (also known as Welfare Reform). Have the compliance officer check with your IT department and ask about the Financial Institution Data Match program.
We remit bank account data monthly to the DSHS. If they find a match, they send us a notice to withhold. Check out this website.
_________________________ No, I didn't lose my mind. It got scared and ran away.
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