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$31.6 Million Penalty for BSA Violations
Monday, 24 September 2007
The regulators (and more importantly, the prosecutors) caught Union Bank of California without an effective Bank Secrecy Act compliance program.
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BSA Violations Lead to Big Fine, Deferred Prosecution
Monday, 13 August 2007
American Express is hit with huge penalties for long-running Bank Secrecy Act violations. The agencies are trying to send the industry a message.
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Agencies Promise Consistent BSA Enforcement
Monday, 06 August 2007
Responding to industry complaints, the regulators have clarified their Bank Secrecy Act enforcement practices.
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Paulson Promises BSA/AML Relief
Monday, 02 July 2007
Treasury Secretary Henry Paulson has endorsed easing Bank Secrecy Act/Anti-Money Laundering (BSA/AML) compliance burdens.
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Compliance Officers Complain of BSA Burdens
Monday, 11 June 2007
Most compliance officers believe the focus on anti-money laundering initiatives is diverting examination resources away from other compliance obligations.
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Trade Groups Praise, Pan Privacy Notices
Monday, 04 June 2007
The industry is split over the usefulness of model privacy notices. However, no group thinks the proposed notices are perfect.
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Regulators Propose Model Privacy Notices
Monday, 26 March 2007
Model notices would comply with Gramm-Leach-Bliley Act requirements.
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Phone Fraud Uses ABA Name
Monday, 19 March 2007
A bank trade group says its name is being used in a phone fraud scheme.
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Banks Protect High Cost of Data Security Breach
Monday, 19 February 2007
Banks incurred big costs in cleaning up after a retailers’ security breach.
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Banking Organizations Offer Security Advice
Monday, 04 December 2006
Two banking organizations have jointly published advice on dealing with unauthorized access to customer information.
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Frank Wants Joint Effort on ID Theft
Monday, 27 November 2006
The incoming House Financial Services Committee chairman wants a multi-committee approach to identity theft legislation.
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Bies Sees Data Security Risks
Monday, 23 October 2006
Fed Governor Susan Bies warns of information security risks.
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Regulators Red Flags Spark Industry Worries
Monday, 09 October 2006
Banking trade groups are seeing red over the regulators’ proposed identity theft red flag rules.
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Identity Theft Task Force Adopts Interim Recommendations
Monday, 25 September 2006
Its work is far from finished, but the President’s Identity Theft Task Force has adopted interim recommendations.
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OCC Alert Warns of Authentication Scams
Monday, 18 September 2006
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.
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OTS Issues Anti-Money Laundering Guidance
Monday, 04 September 2006
The OTS released a series of questions and answers relating to Bank Secrecy Act compliance.
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FACT Act: Dispute Over Disputes
Monday, 14 August 2006
Consumer groups insist that credit reporting agencies need to do more thorough investigations. Agencies urge patience while new FACT Act provisions are implemented.
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ABA Says SWIFT Monitoring Should be Enough
Monday, 07 August 2006
If the government monitors overseas funds transfers through SWIFT — as the New York Times revealed — does it really need more transaction reporting by banks?
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Bill Outlaws Sale of SSNs
Monday, 31 July 2006
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.
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Information Security Guidance Updated
Monday, 31 July 2006
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.