ABA Banking Journal - June 2008 - (Page 58)

COMPLIANCE CLINIC reported; and (ii) no officer or employee of the Federal Government or of any State, local, tribal, or territorial government within the United States, who has any knowledge that such report was made may disclose to any person involved in the transaction that the transaction has been reported, other than as necessary to fulfill the official duties of such officer or employee.” http://www. law.cornell.edu/uscode/31/usc_sec_31_00 005318——000-.html In October 2005, FinCEN issued guidance in its SAR Activity Review, Issue 5, identifying the situation which would allow an employee to disclose SAR information under the protection of its safe harbor rights. The guidance clarified that in the event that SAR information is subpoenaed or an institution is otherwise requested to disclose a SAR or the information contained in a SAR, except when such disclosure is requested by FinCEN or an appropriate law enforcement or federal banking agency, the institution shall decline to produce the SAR or to provide any information that would disclose that a SAR has been prepared or filed, citing 31 CFR 103.18(e) and 31 USC 5318(g)(2). FinCEN and the bank’s federal banking agency should be notified of any such request and of the bank’s response. Furthermore, FinCEN and the federal banking agencies take the position that banks’ internal controls for the filing of SARs should minimize the risks of disclosure.http://www.ffiec. gov/bsa_aml _infobase/pages_manual/OLM_015.htm The Bank Secrecy Act and FinCEN’s regulations prohibit a financial institution that has filed a SAR from notifying any person involved in the transaction that the report has been filed. Financial institutions, however, must provide such documentation to appropriate, verified law enforcement and regulatory agencies upon request. Procedures for verification should be incorporated into the institution’s anti-money laundering compliance program or other appropriate statements of policies and procedures. http://www. ffiec.gov/bsa_aml_infobase/documents/Fi nCEN_DOCs/SAR%20Activity%20Rev iew%20Issue%209%20-%2010-2005.pdf Are there any PEP lists which are available publicly? There is no single source, but several resources that provide information which can be used to compile a PEP list. The first is guidance issued by the federal banking regulators, which includes potential sources of information available through the internet, including the Central Intelligence Agency’s World Factbook. http://www.federalreserve.gov/boarddocs/SRLETTERS/2001/sr0103a1.pdf In order to access the CIA’s most upto–date information, refreshed monthly, visit the following website and refer to the current month’s “Chiefs of State” report: https://www. cia.gov/library/publications/world-leaders-1/pdfversion/pdf-version.html. BJ 58 JUNE 2008/ABA BANKING JOURNAL REPRINTS Reprints of ABA Banking Journal articles can serve as an effective tool to help educate your customers to hand out at shows to include with mailings to go along with response to inquiries. Editorial reprints can be backed up with your message or other promotion willadd credibility. They are available in quantities starting at 500 or more, in either black and white or color. Just call Katie Kramer at (212) 221-9595 or fax (212) 221-9195 or email:katie.kramer@parsintl.com to order, or for more information write: PARS International Corp., 102 West 38th Street, 6th Flr, New York, NY 10018 http://www.ffiec.gov/bsa_aml_infobase/pages_manual/OLM_015.htm http://www.ffiec.gov/bsa_aml_infobase/pages_manual/OLM_015.htm http://www.ffiec.gov/bsa_aml_infobase/pages_manual/OLM_015.htm http://www.ffiec.gov/bsa_aml_infobase/pages_manual/OLM_015.htm http://www.ffiec.gov/bsa_aml_infobase/pages_manual/OLM_015.htm http://www.ffiec.gov/bsa_aml_infobase/documents/FinCEN_DOCs/SAR%20Activity%20Review%20Issue%209%20-%2010-2005.pdf http://www.ffiec.gov/bsa_aml_infobase/documents/FinCEN_DOCs/SAR%20Activity%20Review%20Issue%209%20-%2010-2005.pdf http://www.ffiec.gov/bsa_aml_infobase/documents/FinCEN_DOCs/SAR%20Activity%20Review%20Issue%209%20-%2010-2005.pdf http://www.ffiec.gov/bsa_aml_infobase/documents/FinCEN_DOCs/SAR%20Activity%20Review%20Issue%209%20-%2010-2005.pdf http://www.federalreserve.gov/boarddocs/SRLETTERS/2001/sr0103a1.pdf https://www.cia.gov/library/publications/world-leaders-1/pdf-version/pdf-version.html https://www.cia.gov/library/publications/world-leaders-1/pdf-version/pdf-version.html https://www.cia.gov/library/publications/world-leaders-1/pdf-version/pdf-version.html

Table of Contents Feed for the Digital Edition of ABA Banking Journal - June 2008

ABA Banking Journal - June 2008 Contents Editor’s Column Do Fee-based Services Have an Edge? Snapshot: Net Interest Margins Vary Sharply with Size 100th Anniversary: Then & Now Letters ABA Resources ABA Chairman’s Position "What? No Annual Surprise Bonus?" Pass the Aspirin Cover Story: Top Community Banks: How They Did... ...And How They Did It Charter Bank First East Side Savings Bank Mackinac Financial Corp. The Peoples Bank Managing the E-mail Monster In Brief Handling PEPs in the Age of "L'affaire Spitzer" Mailbox Banker’s Mart To Advertise/Index of Advertisers The Economy

ABA Banking Journal - June 2008

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