Should the BSA Officer report directly to the board of directors?
Should our bank have confidentiality agreements with allvendors who provide services to our bank? (ie. on-site paper shredding companies, coffee suppliers, etc.)
Can we send all insurance checks for collection rather than deposit them? In other words, can we discriminate against a class of checks if the items aren't being deposited?
Our CIP policy states that for a sole proprietorship, we CIP only the owner following our consumer CIP procedures. Our consumer CIP procedures permit account opening for a non-resident alien without a TIN, and with a signed W-8. What are the requirements if a non-resident alien wants to open an account for a sole proprietorship? Do we not open the account if the owner does not have a social security number?
We would like information on whether a bank is required to contact regulators and customers when an employee has e-mailed some non-public information of our customers to an employee at another financial institution. The purpose was to get copies of forms, but some information such as loan numbers, loan amounts, and names of customers were on the copies of the documents. Since this information was passed between financial institutions, and all efforts will be taken to inform the other financial institution that this information was passed and must be held confidential or destroyed, does this create the notice requirement for privacy of a breach?
I understand the Deadline for CIP was October . Is there a deadline for Customer Due Diligence and Risk Rating? Are the auditors checking for this now?
My question deals with the definition of the term abundance of caution. I have recently read "to qualify under the abundance of caution definition, you would have to make the loan under the same terms and condition as if the borrower did not offer the real estate as collateral." However, in some FDIC material I have read the following: "abundance of caution, e.g., the institution takes a blanket lien on all or substantially as of the assets of the borrower, and the value of the real property is low relative to the aggregate value of all other collateral." These two seem to be in conflict. Can any of you help me get a handle on what exactly is meant by this term? If possible cite your source.
When an existing customer closes all accounts, and there is no active relationship, is there a stipulation that if the "old" customer returns to the FI and opens a new account within 12 months of all other accounts being closed, there is no requirement for CIP?
I've been told by our independent auditor that MSB/High risk accounts must reported to the Board. Is this true?
When I complete a SAR, it goes to our BSA compliance officer. The SAR is then edited and sent to FinCEN. It has come to my attention that the SAR does not bear the same content (and is not as informative for law enforcement) as the one I wrote. The edited version is not relayed to the writer and therefore when the FBI speaks to the writer, the information may not match what was in the SAR which can cause a conflict for the writer due to bank procedures allowing only what was in the SAR to be discussed with law enforcement. Can the bank get in trouble for sanitizing the SAR to the point where the information is barely useful?