Bankers Alliance Compliance Corner
Editor's Note: The following was submitted by Bankers Alliance. LBA, through its subsidiary Louisiana Bankers Service Corporation, has partnered with Bankers Alliance to give banks access to three compliance-related programs. Click here for more information.
Q: We had a bank employee deliver cash over $10,000 to a customer per the customer's request. Do we have to include our bank employee on the Currency Transaction Report?
A: No, the bank employees are not considered conductors. Individuals that give or receive currency as a function of its agency relationship with a financial institution is not a transactor for the purposes of CTR requirements. Click here for more information (see footnote 4).
Compliance Alliance offers a comprehensive suite of compliance management solutions. To learn how to put them to work for your bank, call (888) 353-3933 or email email@example.com and ask for the membership team.
Did you know that the Member FDIC statement is not required on certain advertising?
- It is not required on promotional items such as calendars, pens, keychains, etc.
- In-bank signage, deposit slips, stationary, statements of condition or radio/tv advertising shorter than 30 seconds do not require the statement.
- Although not required, banks typically include the FDIC membership statement even when a radio or television advertisement is 30 seconds or less.
Review Alliance is an independent group of compliance specialists offering banks deep-dive audits of their existing transactions, recommendations about program enhancements or guidance on future safety and soundness. Virtual Compliance Officer was added in 2020—a new shared service-model using bank-dedicated compliance officers; perfect for monitoring and guiding your bank remotely. To learn how to put them to work for your bank, call (833)-683-0701or email firstname.lastname@example.org and ask for the membership team.