The Financial Crimes Enforcement Network (FinCEN) has issued the seventh edition (November 2006) of The SAR Activity Review By the Numbers.
Highlights:
- FinCEN has issued the seventh edition of The SAR Activity Review By the Numbers. The report is a compilation of numerical data gathered from Suspicious...
Hurricanes Katrina and Rita destroyed homes and displaced millions of individuals. While federal and state governments continue to respond to this disaster, GAO has identified significant control weaknesses-specifically in the Federal Emergency Management Agency (FEMA)'s Individuals and Households Program (IHP) and in...
The Federal Reserve Banks today announced plans to conduct another round of studies to determine the current composition of the nation's retail payments market, including checks, credit and debit cards, and automated clearing house (ACH) transactions. These two studies will build on information gained from similar...
The Federal Reserve Board on Friday approved changes to its Policy on Payments System Risk that revise the Board's expectations for systemically important payments and settlement systems subject to its authority and update and clarify the policy with regard to central counterparties.
Under the revised policy,...
The National Credit Union Administration and the Financial Crimes Enforcement Network today announced that they will jointly host a seminar over the web "BSA: A Year in Review and Setting the Table for 2007." The seminar, known as a webinar, will take place on Tuesday, February 6, 2007 and will be co-hosted by JoAnn...
As use of the Internet continues to expand, more credit unions are using it to offer products and services or otherwise enhance communications with members. The Internet offers the potential for safe, convenient new ways to shop for financial services and conduct credit union business, any day, any time. However,...
The Agencies are adopting an Interagency Statement on Sound Practices Concerning Elevated Risk Complex Structured Finance Activities ("Final Statement"). The Final Statement pertains to national banks, state banks, bank holding companies (other than foreign banks), federal and state savings associations, savings and...
The selection and employment of appropriate security controls for an information system are important tasks that can have major implications on the operations4 and assets of an organization as well as the welfare of individuals. Security controls are the management, operational, and technical safeguards or...
At the request of the Federal Trade Commission, a federal court has shut down a payment processing operation that allegedly helped fraudulent telemarketers take millions of dollars from consumers' bank accounts.
According to the FTC's complaint, since at least January 2003 the operation has aided at least nine...
Why GAO Did This Study
In 2005, over 16 million Bank Secrecy Act (BSA) reports were filed by more than 200,000 U.S. financial institutions. Enacted in 1970, BSA is the centerpiece of the nation’s efforts to detect and deter criminal financial activities. Treasury’s Financial Crimes Enforcement Network...
This Regulatory Alert is to inform you about revisions to Part 748 of the NCUA Rules and Regulations. The revised rule describes in greater detail Suspicious Activity Report (SAR) reporting and filing requirements. The rule became effective November 27, 2006.
There are six changes to Part 748 which are...
A digital signature is an electronic analogue of a written signature; the digital signature can be used to provide assurance that the claimed signatory signed the information. In addition, a digital signature may be used to detect whether or not the information was modified after it was signed (i.e., to detect the...
Why GAO Did This Study
Hurricanes Katrina and Rita destroyed homes and displaced millions of individuals. While the Federal Emergency Management Agency (FEMA) continues to respond to this disaster, GAO's previous work identified significant control weaknesses-specifically in FEMA's Individuals and Households Program...
The Federal Reserve Board on Tuesday released a draft interagency notice of proposed rulemaking that would revise the existing risk-based capital framework by giving the vast majority of banks, bank holding companies, and savings associations the option of either continuing to use the existing Basel I-based capital...
The Honorable William M. Thomas Chairman, Committee on Ways and Means House of Representatives
Dear Mr. Chairman:
During recent congressional hearings and in public speeches, statements made by the National Credit Union Administration's (NCUA) Chairman and another board member raised congressional interest in...
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