Answer:
The BSA/AML Examination Manual has a discussion about 314(a) search requirements beginning on page 87 of the 2007 edition of the manual. The manual is available at the FFIEC website. In addition, when you log in to the secure FinCEN Information Sharing website, from the institution page, you can click on the link for "What's New," and from there click on the upper menu link to "Answers to Your Questions" and then click on the link to "FAQs." Question 5 in the FAQs has a discussion about what specific records must be searched and Question 8 gives some examples of records that do not need to be searched. That said, it sounds like the FDIC might be overreaching a bit. Clearly stated in the section records that do not have to be searched is a statement that checks processed through an account do not have to be checked to determine if a payee on the check is on the list. I would take that to include bill payment check payees too. In addition, for ACH transactions, FinCEN requires that banks check the records required to be maintained under 103.33 which are not all ACH transactions, just those over $3,000. Similarly, the requirements are only to search those monetary instrument records required to be maintained under 103.29, which requirements do have a threshold.
First published on BankersOnline.com 3/17/08
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