Third-Party Payment Processors — Overview
Third-Party Payment Processors — Overview FFIEC BSA/AML Examination Manual 236 2/27/2015.V2 behalf of the customer’s clients. When the bank is unable to identify and understand the nature and source of the transactions processed through an account, the risks to the bank and the likelihood of suspicious activity can increase.
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CUSTOMER IDENTIFICATION PROGRAM
bsaaml.ffiec.gov• For a credit card account, the bank may also obtain CIP identifying information about the customer by acquiring it from a third-party source prior to extending credit to the customer. 17. 13 . 31 CFR 1020.220(a)(2)(i). Given the definition of …
PURCHASE AND SALE OF CERTAIN MONETARY …
bsaaml.ffiec.govThe bank shall verify the purchaser’s name and address by examination of a document which is normally acceptable within the banking community as a means of identification when cashing checks for nondepositors and that contains the name and address of the purchaser, and shall record the specific identifying
BSA/AML Independent Testing - 508
bsaaml.ffiec.govlower-risk profiles for ML/TF and other illicit financial activities may consider utilizing a shared resource as part of a collaborative arrangement to conduct independent testing. 2. ... For detailed information on collaborative arrangements see “ Interagency Statement on Sharing Bank Secrecy Act Resources,” issued by Federal Reserve, FDIC ...
Private Banking — Overview
bsaaml.ffiec.govDue diligence policies, procedures, and processes are required for private banking accounts for non-U.S. persons by section 312 of the USA PATRIOT Act. Refer to the core overview section, “Private Banking Due Diligence Program (Non-U.S. Persons),” page 125, for additional guidance.
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www.fdic.govThis article explains the role of third-party payment processors and the risks they can present to financial institu-tions, identifies warning signs that may indicate heightened risk in a payment processor relationship, and discusses the risk mitigation controls that should be in place to manage this risk. The article concludes with an overview
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