It's my inderstanding that the OFAC list is the only list to be checked under CIP at this time. Is this correct?

Also, has the FBI Control List been eliminated? Is there another list on the way?

Thanks for any input.

I was told at a regulatory conference that the list referred to in the Patriot Act under CIP is not actually the OFAC list, but another yet-to-be-created list.
True or not?
The OFAC list search/review is a longstanding and separate requirement.

The "CIP" list has yet to appear. The Control list is gone and has been replaced by the biweekly 314(a) requests. I would imagine that the CIP list will include the OFAC list and whatever other lists they want us to keep tabs on.

The preamble to the CIP regulation says (p. 53):

"The final rule states that a bank’s CIP must include procedures for determining whether the customer appears on any list of known or suspected terrorists or terrorist organizations issued by any Federal government agency and designated as such by Treasury in consultation with the Federal functional regulators. Because Treasury and the Federal functional regulators have not yet designated any such lists, the final rule cannot be more specific with respect to the lists banks must check in order to comply with this provision. However, banks will not have an affirmative duty under this regulation to seek out all lists of known or suspected terrorists or terrorist organizations compiled by the Federal government. Instead, banks will receive notification by way of separate guidance regarding the lists that must be consulted for purposes of this provision."

Keep watching to see if any guidance is issued or any lists are designated.

Ted:

So, right now - this day - the OFAC list is the only list with another list or perhaps one big list to follow? It looks like the FBI Control List has taken on a life of its own in that someone gave it the axe and may or may not have informed us. This issue is way to complex for something that should be simple, but it's the government at work. Perhaps lists are gone, but the people that produced the lists are still working on them?

Quote:

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the OFAC list is the only list

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Yes. There are several other sundry lists of vague origins and purposes, but OFAC is the only one with significant implications for financial institutions. (The control list is dead.) In recent comments on PATRIOT's section 326 lists, regulators have occasionally said, "...if there ever is a list." That suggests that it might never be issued or it will only be issued if we suffer another terrorist incident.

The ABA/ABA AML conference begins on Sunday and the issue will undoubtedly be raised there. I will relay any relevant comments.

Anonymous: The OFAC list should be checked because OFAC requirements have not gone away. No list, OFAC or otherwise, has been designated as a list to check for CIP purposes. We are still waiting for the guidance referred to in the quote from the preamble. As Ken noted, that may not be a sure thing.

Although it has been reported elsewhere, I want to provide this thread with some closure, hopefully permanent closure. At the ABA MLES this week it was repeatedly acknowledged that there is no connection between the OFAC list and the list mentioned in section 326 of the USA PATRIOT Act.

Several speakers, including Mr. Langford from Treasury and Mr. Stipano from the OCC said that if the list referenced in Section 326 is ever published banks would receive unequivocal notice of that fact.

Can we please consider this a "dead horse?"

The dead horse has at least one more breath because I have to add this. When we had a senior FRB instructor yesterday, she said the same thing, except that she said something to the effect of "you'll know it is a 326 list because it will say it all over, the list itself, their web sites, bankersonline, you'll know it is a 326 list".