The Federal Bureau of Investigation opened an investigation based upon information in SARs filed by banks indicating significant check kiting activity.
What regulations should be considered as we write our Remote Capture policy (Check 21, Reg E, Reg CC, etc.)?
We're being requested by the US Treasury to handle, over the telephone, amongst other things:* non-receipt of ACH credit claims, * request for account ownership info, and others that they want to give to us. We do not have to resolve the actual issue real-time over the phone but at a minimum, take in their claim/request. They're referring to the Social Security Act (Section 1441, Title 26, Title II the Railroad Retirement Act of 1974 and the Right to Financial Privacy Act (12 U.S.C. 3413 (K)) and saying that we're required to comply. Are you familiar with this and what are we required to do?
I work for a federal agency that sends literally millions of deposits directly to bank accounts each month. Our policy states that in the event a beneficiary does not receive a direct deposit in his/her account, we must verify with the bank that the deposit was not received. With the financial privacy act in mind, can banks verify whether or not a deposit has been received if the depositor knows the owner of the account, the account number, the SSN of the account holder, the amount of deposit and the date it was deposited?
I need resources to assist in writing a policy for ACH, Networking and End User computing. Do you know of any sites or resources available?
The Treasury's Bureau of the Public Debt advises hurricane victims they can redeem EE and I savings bonds that are less than a year old presented for payment from September through the end of Novem
Brokers and dealers in securities were required to report suspicious activity beginning in January 2003.2 In May 2004, futures commission merchants and introducing brokers in commodities were added
Can you provide some guidance regarding CTR Exempt Account Reviews? What is the time period expected to be covered for the annual and biennial review (i.e. 6, 9, 12 months) for suspicious activity and what supporting documentation is expected to be in the file (i.e., copies of monthly statements, deposit detail -cash in, checks, checks reviewed to determine if unusual for the business)?
U.S. Bank is offering electronic cash letters depositing for business customers that receive and process payments in their own lockboxes.
- 54% of businesses surveyed said increased use of ACH credits would reduce fraud.