Most Popular Operations Content
Friction caused by fraud and aging check processing solutions
11/12/2023
Are current image acquisition and processing solutions able to keep up with market needs?
CTR Exemption - Check Casher
11/12/2023
Would a CTR be required if several individual employees endorsed their respective payroll checks (all individual payroll checks are under $10,000 but combined they aggregate to an amount that exceeds $10,000), and the owner of the business (which is exempt phase 2) cashed them for the purpose of distributing the proceeds back to the individual employees? Is this allowed under an exemption? PS - Our Compliance BSA Officer abruptly left the bank with no guidance, and we are trying to make sure we do things correctly.
Emergency Saving distribution from an IRA—what is new?
11/12/2023
Can customers take out $1000 without penalty for an emergency?
Domestic Abuse distribution exception?
11/05/2023
Can the customer take money out of the IRA for domestic abuse and avoid a 10% penalty?
Keeping Compromised Accounts Open
11/05/2023
Most recently we have received requests from business customers asking to keep their accounts open after identifying fraud. This fraud is related to checks that have been intercepted, washed and negotiated. Due to convenience of keeping existing account open, our customers are requesting that we do not require them to close the compromised account. We read a FinCEN FAQ regrarding keeping accounts opened after receiving "keep open" requests from law enforcement. We are wondering if other financial institutions follow procedures to "keep open" these compromised accounts based on a request from law enforcement and use that same procedure on customer requests, assuming the procedure helps reduce risks of any loss? What do you see as the pros and cons of keeping the account open when it is a customer request?