Obtaining Information for a SAR
06/17/2002
If a customer is not to know that you are completing a SAR, how do you get personal information from them to complete the form? We may not have all the information required on file, such as DL #, etc.
John began his banking career in high school when he started as a teller at a $15 million bank that didn't have account numbers for its checking accounts (he says they actually filed by signature!) He moved to Cape Cod Bank and Trust Company in 1971 and assumed the position of Compliance Officer in 1976. He also served as corporate secretary and secretary of CCBT's Board of Directors, and as clerk of the bank's holding company.
He was a member of the Massachusetts Bankers Association Legal and Regulatory Compliance Committee, and of the American Bankers Association Compliance Executive Committee and NCS/NGCS Advisory Board. He is a regular presenter and participant in BOL Conferences events.
You may contact John via email at jburnett@bankersonline.com.
06/17/2002
If a customer is not to know that you are completing a SAR, how do you get personal information from them to complete the form? We may not have all the information required on file, such as DL #, etc.
06/17/2002
I have a joint account with my husband, and the total balance is $200,000. Is the total balance fully insured, $100,000 each, under FDIC?
06/17/2002
Can you have more than one convenience signer on indiviual and/or joint accounts?
06/17/2002
Can a LLC or Corporation open a checking account with Tax ID applied for?
06/17/2002
Is there any rule saying that a Bank cannot issue an Official/ Cashier's Check payable to itself? For example, a customer who has a savings account at ABC Bank would like to purchase a Cashier's check payable to ABC Bank for a Mortgage payment at ABC Bank. Is this possible?
06/17/2002
The regulators have said that verifying funds availability on a check is okay under an exception to the privacy rule. What about verifying if the check has been paid? Would that also be considered okay as part of verifying funds availability to a merchant?
06/17/2002
Can an attorneyinfact use the POA to open a new account for the principal? Especially a new account naming the attorneyinfact as a secondary or joint account holder?
06/17/2002
Our lenders usually issue a proceeds check at the same time the customer is in their office to apply for a loan. Their question to me was, if a customer is sitting there waiting for their check, the lender checks the OFAC listing and the customer's name is a true hit what do they do from there? How do they handle the situation?
06/17/2002
What's the simplest way to explain Reg D to Branch personnel?
06/17/2002
If a customer is only transferring funds from his NOW account to his own checking account, can he make six transfers within the statement period by check without violating Reg. D guidelines? Can this info be found in Reg. D?