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Required report on your Red Flags program

I want to be sure we are correctly handling the annual report that needs to be made on compliance with the Red Flags rule. Two questions: Does the report have to be made to the Board of Directors and what is the content of the report.

First, remember that the report is to be made “at least annually.” In some circumstances, a more frequent report would be warranted. In terms of who to report to, the rule says it can be the board, an appropriate committee of the board, or a designated senior management employee. You will find guidance on what to include in the report in Appendix J to Regulation V.

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Bank Obligations to ID Theft Victims

First published on 01/01/2018

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