I know we use Social Security numbers to ID people when opening an account. I was recently told by a customer when they called in to get information that we can not use their SS# as a way to identify them over the phone. She said it was a new law, saying we can not use SS# as a way to identify them. Is this a true statement? I know we have to have it on record but can we ask it to make sure we are talking to the right person?
Is the bank or FinCen responsible for notifying the bank's federal regulator when a Suspicious Activity Report has been filed?
by Wayne Barnett
Constant Penetration Monitoring is cheaper, and, potentially more reliable
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?
With the changing world of banking due to the infusion of information technology, what do you see as the role of the bank's security officer and the challenges ahead?
We are nervous about the method we are currently using to authenticate our online customers. We require the customer to put in their user name and a four letter password. Do you think this is sufficient?
What are the information security needs of a bank?Which laws/guidelines deal with information security needs of the bank?What are the steps involved in designing a security policy for a bank?
The Uniting and Strengthening America Act recently signed by President Bush requires institutions to name one contact person on money laundering and also requires institutions to establish anti-money laundering programs. My question is, are regulators going to be looking for a specific money laundering policy or will its inclusion in our BSA policy be sufficient?
Financial Crimes Enforcement Network (FinCEN) has set up a hotline to report suspicious transactions that appear to have any connection whatsoever to the September 11th terrorist attacks.