All in BSA

BSA Requirements for Privately Owned ATMs

Adam Witmer
BSA

Privately owned ATMs - i.e. ATMs that are not owned by a bank - is a topic that seems to be gaining traction with examiners during BSA exams.  Therefore, it is important for financial institutions to understand their requirements in regards to customers who operate privately owned ATMs. This article takes a look at what is a privately owned ATM is, what risks are associated with them, and how financial institutions can manage privately owned ATM relationships.

FinCEN Delays UBO Requirements for Automatic Renewals

Adam Witmer
BSA, Regulatory Update

On May 16, 2018 - just five days after the new customer due diligence (CDD) rules requiring the identification and verification of ultimate beneficial owners (UBOs) went into effect - FinCEN issued a temporary ruling that delays parts of the new requirements for financial institutions.  FinCEN’s ruling, known as FIN-2018-R002, provides a 90-day limited exception for financial institutions in regards to products and services that automatically rollover or renew, such as loan accounts and certificates of deposit (CDs), that were established before the May 11, 2018 deadline for the new rules.

How BSA Rules Apply to School Corporations: CIP, CTRs, & CDD

Adam Witmer
BSA

Years ago as a new BSA Officer, I received a call from one of our branch managers who had a customer at their desk and was needing my immediate input.  The branch manager told me that the person trying to open a new deposit account with us was refusing to provider her social security number and driver’s licence information (the info our CIP policy required) as she was told that the account was exempt and she didn’t need to provide it.  I asked her what type of company was opening the account and she responded by saying that it was a school.

Exam Procedures for Ultimate Beneficial Ownership Rules

Adam Witmer
BSA, Regulatory Update

On May 11, 2018, the FFIEC released new examination procedures for the recent “Customer Due Diligence Requirements for Financial Institutions.”  These procedures are intended to be utilized by each regulatory agency - meaning they apply to all banks, savings and loans, savings associations, and credit unions - and will be a part of a financial institution’s BSA examination.  These new procedures replace the prior procedures and financial institutions should expect examiners to utilize them in the near future.

Reporting a SAR on a Director

Reporting a SAR on a Director

Adam Witmer
BSA

This BSA video discusses what a BSA Officer should do when they have filed a SAR on a Director and then are supposed to report the SAR to the Board - but the Board requires the names of SARs to be included in the Board report.  Plus, Adam gives a real life example of when this became an issue.

Beneficial Ownership Verification for Unincorporated Nonprofits

Adam Witmer
BSA, Regulatory Update

As the new CDD FAQs on the ultimate beneficial ownership (UBO) rules were released last week, there have been quite a few questions relating to the rules that require compliance by May 11, 2018.  One of those questions relates to non-profit organizations that are not incorporated or registered with the secretary of state. This article will explore how to complete the UBO information for both incorporated nonprofits as well as nonprofits which are unincorporated associations.

How the New CDD/UBO FAQs Apply to Community Banks and Credit Unions

Adam Witmer
Regulatory Update, BSA

For several months now, there have been rumors about a new set of frequently asked questions (FAQs) from FinCEN regarding the new CDD/UBO rules which require compliance by May 11, 2018.  Well, the mysterious FAQs are finally here.  Earlier today, the Financial Crimes Enforcement Network (FinCEN) released a set of updated FAQs regarding the new BSA rules that will be effective on May 11, 2018.  These FAQs relate to the new customer due diligence requirements for ultimate beneficial owners on accounts for legal entity customers. 

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