RSK.IQ.Staff, Author at RSK Compliance Solutions LLC • Page 13 of 122

RSK.IQ Question of the Week 3/2/20

Posted on March 2, 2020February 28, 2020 by RSK.IQ.Staff

SARs and Legal Process

Issue/Inquiry

When the Bank receives a subpoena or other legal process requiring it to provide any and all documentation related to an account, should it also provide copies of any SARs filed?

RSK.IQ Question of the Week 2/24/20

Posted on February 24, 2020February 24, 2020 by RSK.IQ.Staff

CIP and Signers for Municipal Accounts

Issue/Inquiry

The Bank would like to open deposit accounts for a new municipal customer. Typically, when an account is opened for a business customer, the Bank will collect Customer Identification Program (“CIP”) information on the account signers in addition to the customer because this helps identify the signer if they contact the Bank regarding the account. Municipal customers tend to push back against this requirement and may be only willing to provide limited information regarding account signers. What does the law require and what is the best practice in this situation?

RSK.IQ Question of the Week 2/18/20

Posted on February 18, 2020February 18, 2020 by RSK.IQ.Staff

The Flood Rules and Loan Participations

Issue/Inquiry

The Bank has purchased a participation interest in a loan secured by a property in a special flood hazard area. The flood policy for such loan does not show a flood zone. Will the examiners find that the policy is sufficient proof of flood insurance coverage for the loan participation?