We have a frequent debate in our organization about how much of a background check is necessary for our employees, and whether or not we should perform background checks when a person is promoted or transferred. Can you please offer guidance on regulatory obligations or industry standards for background investigations?
Does a financial institution have the obligation to screen account beneficiaries for compliance with OFAC regulations?
Is it true that the Treasury Department has discontinued printing $2 bills?
I recently heard someone say they were the recipient of a call, where the suspect claimed to have kidnapped a family member, only to learn that the alleged victim was traveling and unharmed. Is this a common scheme to get money from people?
Are Codes of Conduct enforceable in the Banking industry? Are there any sample policies you can share with us?
Can a safe deposit box be declared "abandoned" and the contents turned over to the government?
Our Compliance Division has taken the position of not letting us know if a SAR has been filed on a matter that we refer to them for a potential SAR filing. Is there some sort of regulatory requirement prohibiting the confirmation of a SAR filing?
With regard to OFAC Compliance, I understand blocking a transaction, but what is meant by rejecting a transaction? When should a transaction be rejected rather than blocked?
For several years now, the most prevalent form of ATM fraud has been “Skimming”, where a device is attached to an ATM that captures magnetic stripe data as the card passes into a machine. We recently heard of a new ATM fraud technique called “Shimming”. Are they the same thing?
What is the timeframe for filing the FinCEN CTR? I have seen both 15 and 25 days referenced.