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Last Issue's Dilemma:
To better set priorities, should we add staff or spread compliance
responsibility?
We've focused a lot of attention on Bank Secrecy
Act/anti-money laundering compliance, and I think we'd get high marks from
examiners in that area. But I worry that we've done so at the expense of some
other compliance area that puts our institution at
risk. When you can only keep an eye on so many things, how do other compliance
officers set priorities? I'm thinking of adding compliance staff, but I am not
sure that is the right solution. Is spreading responsibility to area managers a
better approach? What do readers think?
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This Issue's Dilemma:
How do you handle privacy concerns from long-term customers?
We have decided to collect complete Customer Identification Program (CIP) information from all our customers, just to be on the safe side. But we are facing backlash from long-term corporate customers with multiple signers on their accounts. Some don't want to divulge personal information, and a few are threatening to take their business down the street. How do other institutions handle this issue with corporate accounts? Should we insist on full CIP info in every case, or back off for long-standing customers?
— Anonymous compliance officer,
Philadelphia
We were happy to buy this special-edition Red Nano from Apple, because $10 of the purchase price goes to a very worthy cause, the Global Fund to fight AIDS in Africa. If you’d like to help out as well, here's a link to Apple's special promotion.
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