September 24, 2007

$31.6 Million Penalty for BSA Violations

The regulators (and more importantly, the prosecutors) caught Union Bank of California without an effective Bank Secrecy Act compliance program.

August 13, 2007

BSA Violations Lead to Big Fine, Deferred Prosecution

American Express is hit with huge penalties for long-running Bank Secrecy Act violations. The agencies are trying to send the industry a message.

August 06, 2007

Agencies Promise Consistent BSA Enforcement

Responding to industry complaints, the regulators have clarified their Bank Secrecy Act enforcement practices.

July 02, 2007

Paulson Promises BSA/AML Relief

Treasury Secretary Henry Paulson has endorsed easing Bank Secrecy Act/Anti-Money Laundering (BSA/AML) compliance burdens.

June 11, 2007

Compliance Officers Complain of BSA Burdens

Most compliance officers believe the focus on anti-money laundering initiatives is diverting examination resources away from other compliance obligations.

June 04, 2007

Trade Groups Praise, Pan Privacy Notices

The industry is split over the usefulness of model privacy notices. However, no group thinks the proposed notices are perfect.

March 26, 2007

Regulators Propose Model Privacy Notices

Model notices would comply with Gramm-Leach-Bliley Act requirements.

March 19, 2007

Phone Fraud Uses ABA Name

A bank trade group says its name is being used in a phone fraud scheme.

February 19, 2007

Banks Protect High Cost of Data Security Breach

Banks incurred big costs in cleaning up after a retailers’ security breach.

December 04, 2006

Banking Organizations Offer Security Advice

Two banking organizations have jointly published advice on dealing with unauthorized access to customer information.

November 27, 2006

Frank Wants Joint Effort on ID Theft

The incoming House Financial Services Committee chairman wants a multi-committee approach to identity theft legislation.

October 23, 2006

Bies Sees Data Security Risks

Fed Governor Susan Bies warns of information security risks.

October 09, 2006

Regulators’ Red Flags Spark Industry Worries

Banking trade groups are seeing red over the regulators’ proposed identity theft red flag rules.

September 25, 2006

Identity Theft Task Force Adopts Interim Recommendations

Its work is far from finished, but the President’s Identity Theft Task Force has adopted interim recommendations.

September 18, 2006

OCC Alert Warns of Authentication Scams

The agencies want banks to strengthen authentication practices to cut down on fraud. Ironically, criminals are taking advantage of the upgrade to steal bank customers’ identity.

September 04, 2006

OTS Issues Anti-Money Laundering Guidance

The OTS released a series of questions and answers relating to Bank Secrecy Act compliance.

August 14, 2006

FACT Act: Dispute Over Disputes

Consumer groups insist that credit reporting agencies need to do more thorough investigations. Agencies urge patience while new FACT Act provisions are implemented.

August 07, 2006

ABA Says SWIFT Monitoring Should be Enough

If the government monitors overseas funds transfers through SWIFT — as the New York Times revealed — does it really need more transaction reporting by banks?

July 31, 2006

Bill Outlaws Sale of SSNs

In an effort to reduce identity theft, the House Energy and Commerce Committee has approved legislation to regulate the sale and use of Social Security numbers.

Information Security Guidance Updated

Malware, wireless, remote access, trust services — these are among the topics added or revised in the new edition of the FFIEC’s Information Security Booklet.

July 24, 2006

Agencies Propose “Red Flag” Rule on Identity Theft

 

June 26, 2006

More Bank Secrecy Act Burdens Ahead?

June 26, 2006 — Banks would have to keep more data on funds transfers under a proposal by the Fed and FinCEN.

June 19, 2006

Regulators Revising BSA Exam Manual

The huge Bank Secrecy Act examination manual the regulators issued last year is getting a facelift. Meanwhile, new statistics suggest money services businesses are still a BSA sore spot.

June 12, 2006

Examiners Looking at Medical Data Security

New examination procedures guide FACT Act compliance reviews.

May 29, 2006

BSA Compliance Problems Continue

Banks continue to encounter serious problems related to Bank Secrecy Act (BSA) compliance, as two recent enforcement actions illustrate.