07/01/2005
06/06/2005
What is the record retention for OFAC?
06/01/2005
The Bank Secrecy Act with the added momentum of the USA PATRIOT Act, requires financial institutions to scrutinize their customers and their banking activities.
06/01/2005
05/23/2005
Aren't we suppose to verify that the people making loan payments are not on the OFAC list? What I mean by that is, the maker of the check that is making the loan payment is not on the OFAC list.
05/16/2005
Where can I find a Risk Assessment Survey form that can be completed by the Bank?
05/16/2005
Regarding FinCen 314 (a) requests. If we have a system that is able to keep a database of all FinCen inquiries and scan new accounts to that list, is that allowed? Or are we supposed to just scan our current clientele and not worry about any new accounts after the check date?
05/02/2005
Do we need to complete an OFAC check on the payee of every monetary instrument that we sell?
04/18/2005
Per the BSA, an MSB does not include a bank, nor shall it include a person registered with, and regulated by the SEC or the Commodity Futures Trading Commission. Does this mean that I do not have to perform any enhanced due diligence on an MSB that is a 34 Act company? By enhanced due diligence, I mean determining whether the business has procedures to comply with applicable BSA requirements, whether the company has proper controls to monitor for suspicious activity and whether the company has procedures to ensure compliance with OFAC regulations
04/04/2005
Do we need to scan our ACH Origination files for matches to the OFAC list? If so where does it state so.