What is a risk assessment and what types of things would it cover?
What position (head teller, loan officer, etc.) of the bank would be the best candidate for our BSA officer? Would it be our compliance officer?
Currency Transaction Reports (CTR) and Suspicious Activity Reports (SAR): Reading With Context By Regina Stone16
SARs reporting suspected mortgage loan fraud continue to increase. This study includes SARs reporting suspected mortgage loan fraud filed between April 1, 2006 and March 31, 2007.
By Staff of the Financial Industry Regulatory Authority and the Securities and Exchange Commission22
Is it a requirement to apply OFAC to a beneficiary when paying out the balance of an account?
When conducting wire transfers (incoming or outgoing) is it necessary to check bank names (both foreign and domestic) against the OFAC list?
I recently saw a response in a BOL Thread that "suggested" that when a bank is required to file a SAR on an employee (or insider) that the bank should also notify its primary banking regulator. I can find no other guidance on this matter and want to know when, or if, this is a requirement to notify our regulator when we file an employee/insider SAR.
Does a CU need to get a driver's license copy every time they do a loan for a member if they have obtained it in the past? Can they just get the Driver’s License number instead of copying Driver’s License? What's the rule under BSA?
Are gift cards considered a "Monetary Instrument"? For example: A customer purchased $3500 in gift cards with cash. Should we put it on the monetary instrument log?