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FDIC Federal Register Citations
From: Reta Davis [mailto:email@example.com]
Sent: Friday, February 04, 2005 11:43 AM
To: firstname.lastname@example.org; Comments; email@example.com; firstname.lastname@example.org
1.The Anti-Money laundering rules are necessary but the level of documentation required is overly burdensome. In our last OCC exam we were advised to keep a binder of records on SAR Suspects No Report filed. This I guess was to show we are alert. The rules of when to file a SAR, and common sense should be enough. It seems silly to have to keep a file on all the situations we check out that do not have enough merit to file a SAR.
2. The registration requirements of MSBs has merit. The documentation we are required to keep on small accounts that occasionally cash checks totaling $1000.00 is very time consuming. I think the rules should be changed to read if the business cashed checks totaling over $1000.00 as a standard practice of their business:.
|Last Updated 02/07/2005||Regs@fdic.gov|