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FDIC Federal Register Citations From: Chris Reid [mailto:ccreid@1776bank.com] Sent: Monday, February 07, 2005 3:01 PM To: regs.comments@federalreserve.gov; Comments; regs.comments@occ.treas.gov; regs.comments@ots.treas.gov Subject: EGRPRA Dear EGRPRA, Money laundering and BSA plays an important role in deterring
certain types of illegal activity. Our bank doesn't mind fulfilling its
role in this
law, but severe punishment for minor infractions of unclear interpretations
is
a tragedy. We recently had an examination and were criticized for a handful
of violations on BSA. Our bank had worked hard on BSA, including training
at every level, review of policies at board level, audit, and compliance
consulting; and yet because we didn't keep "old style"reports with initials,
our exemption list was disqualified. In a "snow ball" effect we
were citied with other violations. |
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Last Updated 02/09/2005 | Regs@fdic.gov |