I am working on a loan to a local municipality in Pennsylvania that was formed by court order in 1857. They have no record of the order at the Township and it pre-dates our state's records. Is there a method to properly ID old municipalities like this that will comply with OFAC requirements?
For financial institutions offering credit cards to businesses and consumers that are issued and handled directly by the FI and are not outsourced or monitored through a third party, how are other FI's monitoring their credit cards in regards to AML? Are they monitoring them through reports and/or a monitoring system or both?
I need to know in this scenario if a CTR is required for the husband?
The wife and husband come into the bank. The wife conducts a deposit to her personal (individual) account of $8,000 in cash. Then she conducts a
deposit into the joint account (with her and husband) for $2,600. In my mind a CTR only needs completed on the wife because the wife is benefiting
and conducted the $10,600 deposit. The husband did not conduct either transaction and is only benefiting from $2,600. Is my thinking correct?
If required, please explain why a CTR is needed for the husband. Also, if a CTR is needed for the husband, I would like for you to consider this same
scenario but without the husband present for the $8,000 deposit to the wife's account. When he enters the bank to make a $2,600 deposit to the
joint account and we tell him we need to complete a CTR, wouldn't we be breaching customer information to tell him it is because his wife made a
large cash deposit to her personal account early in the day?
If two separate, unrelated banks have a mutual customer that is engaging in an unrelated loan at each bank that is NOT a participation loan, can one
bank rely on the other bank's beneficial ownership efforts? Again, there is no relation between the two banks or the loan being conducted, the only
common denominator is the each bank is working on a loan for the same legal entity. We have a situation to where the legal entity's beneficial owner
does not want to supply his information to us as he already provided it to the other bank that is working on a separate loan for him. It was basically
suggested for us to ask the other bank for the beneficial owner information. It is also being suggested that this falls under the reliance provision
listed below. I am thinking it does not as there is nothing connecting us to the other bank or the loan they are working on.
(j)Reliance on another financial institution. A covered financial institution may rely on the performance by another financial institution
(including an affiliate) of the requirements of this section with respect to any legal entity customer of the covered financial institution that is
opening, or has opened, an account or has established a similar business relationship with the other financial institution to provide or engage in
services, dealings, or other financial transactions, provided that: (1) Such reliance is reasonable under the circumstances;
(2) The other financial institution is subject to a rule implementing 31 U.S.C. 5318(h) and is regulated by a Federal functional regulator; and
(3) The other financial institution enters into a contract requiring it to certify annually to the covered financial institution that it has
implemented its anti-money laundering program, and that it will perform (or its agent will perform) the specified requirements of the covered financial
institution's procedures to comply with the requirements of this section
Have there been any significant BSA/AML penalties imposed on banks?
I am new to the Compliance Department. I am currently working on a spreadsheet for our Monetary instrument logs. I don't even know where to start. Any help would be great!