Information gleaned by an interagency investigation from SARs led to the successful prosecution of a man for operating an illegal money transmitting system.
Between September 12, 2001 and March 31, 2002, more than 1,600 SARs were filed that contained references to terrorism or terrorist groups.
Just what should I as BSA officer be doing right now in light of the USA Patriot Act? I've gotten bits and pieces but nothing I consider real definitive.
Isn't it true that we need to have the ID's, Social Security numbers and addresses of the signors on a business account to be compliant with the changes for BSA?
ChexSystems account verification service now also checks the OFAC (Office of Foreign Assets Control) list when they screen inquiries from client financial institutions.
By Barbara E. Hurst, Editor
I understand that effective 4/24/02 each financial institution has to establish an Anti-Money Laundering program.Isn't the BSA Policy the same or does it have to be a separate Policy?
There is so much information and so little time to read. I am under the impression that there are quite a few changes that need to be made to our current BSA Policy, e.g. High Risk Assessment Accounts, Patriot Act, etc. The last time our policy was updated was March of 2001.
When sending wire transfers for a customer who regularly sends wires, is it necessary to check this customer against OFAC each time, or would it be sufficient to check them each time OFAC posted an update? I understand the importance of checking the non-customer, but was a little dismayed at the prospect of checking customer Smith each time he wires.