FRINK Linked Data Fragments server

Matches in SemOpenAlex for { <https://semopenalex.org/work/W349573874> ?p ?o ?g. }

• W349573874 startingPage "69" @default.
• W349573874 abstract "New legislation could provide some significant relief to bankers, but the regs aren't written yet Despite a frenzy of campaignrelated commitments in the days leading up to the election, President Bush found time on Oct. 29, 1992, to sign the Housing and Community Development Act. Included in that legislation was the AnnunzioWylie Anti-Money Laundering Act. The new legislation may provide some regulatory relief by including provisions long sought by bankers. But until federal agencies draft the resulting regulations, theft impact on banks' compliance efforts remains uncertain. Death penalty. The centerpiece of the new law is the so-called penalty provision. Working with federal regulators, the banking industry helped craft several factors to be considered in a formal hearing process before a bank's charter is revoked or its deposit insurance terminated following conviction in a money laundering case. The provision can save the bank from the death penalty, particularly in cases of one or two wayward employees misusing payment systems without management's knowledge. The five factors are: (1) whether or not management was involved in illicit activity; (2) the level of cooperation with law enforcement following criminal allegations, including the filing of reports and providing access to appropriate bank records; (3) whether policies existed that should have prevented money laundering activity; (4) whether adjustments were made to bank policies that would prevent further abuse; and (5) what effect closure would have on local access to banking services. Safe harbor. The money laundering section of the law includes provisions that make banks less vulnerable to civil litigation arising from the filing of currency transaction reports and criminal referral forms. These provisions do not protect financial institutions from criminal prosecution. But, according to John Byrne, ABA's senior federal legislative counsel, they give banks the ability to freely fulfill their statutory mandate to report suspected illegal activity and not fear a customer lawsuit. That threat has made bankers reluctant to report every suspicious transaction. The catch-22: That reluctance opens the door to charges from the government that the banks may have aided and abetted crimes in money laundering cases. The provision says that if banks feel that any federal law--not just money laundering--was violated, then no matter how state, local, or federal laws restrict disclosure of the information to the government, bankers are now free to report that illegal activity and not be subject to customer lawsuits. Know your customer. Regulations have yet to be written for several of the law's new provisions. One is the Treasury Department's new authority to issue know-your-customer regulations. These regulations are meant to reduce the likelihood of improperly accepting and handling large cash transactions by raising employee awareness of warning signs. A 1990 survey indicated that 86% of ABA members already had know-your-customer policies. We hope to make the case to Treasury that those policies need to be fairly flexible because of the variety of sizes of institutions affected, says ABA's John Byrne. The Federal Reserve Board is already studying existing bank knowyour-customer policies in the course of its BSA compliance audits. Richard A. Small, special counsel to the Federal Reserve Board's Division of Banking Supervision and Regulation, shared the regulator's view of the importance of such policies at a recent money laundering seminar in Washington sponsored by ABA and the other ABA, the American Bar Association. Nearly 80% of the banks that we supervise have know-your-customer policies in place, noted Small. not so sure that [issuing] regulations is the best thing to do fight now. I'm of the opinion that a regulation that doesn't cover appropriately knowing your customer will cause more harm than good, he added. …" @default.
• W349573874 created "2016-06-24" @default.
• W349573874 creator A5075248692 @default.
• W349573874 date "1993-02-01" @default.
• W349573874 modified "2023-09-26" @default.
• W349573874 title "Money Laundering Law Is (So Far) Mostly a Blessing; New Legislation Could Provide Some Significant Relief to Bankers, but the Regs Aren't Written Yet" @default.
• W349573874 hasPublicationYear "1993" @default.
• W349573874 type Work @default.
• W349573874 sameAs 349573874 @default.
• W349573874 citedByCount "0" @default.
• W349573874 crossrefType "journal-article" @default.
• W349573874 hasAuthorship W349573874A5075248692 @default.
• W349573874 hasConcept C10138342 @default.
• W349573874 hasConcept C144133560 @default.
• W349573874 hasConcept C17744445 @default.
• W349573874 hasConcept C199539241 @default.
• W349573874 hasConcept C203133693 @default.
• W349573874 hasConcept C2777351106 @default.
• W349573874 hasConcept C2778886770 @default.
• W349573874 hasConcept C2779777834 @default.
• W349573874 hasConcept C2780005421 @default.
• W349573874 hasConceptScore W349573874C10138342 @default.
• W349573874 hasConceptScore W349573874C144133560 @default.
• W349573874 hasConceptScore W349573874C17744445 @default.
• W349573874 hasConceptScore W349573874C199539241 @default.
• W349573874 hasConceptScore W349573874C203133693 @default.
• W349573874 hasConceptScore W349573874C2777351106 @default.
• W349573874 hasConceptScore W349573874C2778886770 @default.
• W349573874 hasConceptScore W349573874C2779777834 @default.
• W349573874 hasConceptScore W349573874C2780005421 @default.
• W349573874 hasIssue "2" @default.
• W349573874 hasLocation W3495738741 @default.
• W349573874 hasOpenAccess W349573874 @default.
• W349573874 hasPrimaryLocation W3495738741 @default.
• W349573874 hasRelatedWork W103540612 @default.
• W349573874 hasRelatedWork W1517878901 @default.
• W349573874 hasRelatedWork W178018266 @default.
• W349573874 hasRelatedWork W1969690196 @default.
• W349573874 hasRelatedWork W2126742390 @default.
• W349573874 hasRelatedWork W2164775746 @default.
• W349573874 hasRelatedWork W2195415091 @default.
• W349573874 hasRelatedWork W2252948881 @default.
• W349573874 hasRelatedWork W2283172518 @default.
• W349573874 hasRelatedWork W2317944801 @default.
• W349573874 hasRelatedWork W269225480 @default.
• W349573874 hasRelatedWork W2992668079 @default.
• W349573874 hasRelatedWork W3123455276 @default.
• W349573874 hasRelatedWork W3125158903 @default.
• W349573874 hasRelatedWork W31767676 @default.
• W349573874 hasRelatedWork W3210146649 @default.
• W349573874 hasRelatedWork W335950297 @default.
• W349573874 hasRelatedWork W341881667 @default.
• W349573874 hasRelatedWork W2105780573 @default.
• W349573874 hasRelatedWork W2563566117 @default.
• W349573874 hasVolume "85" @default.
• W349573874 isParatext "false" @default.
• W349573874 isRetracted "false" @default.
• W349573874 magId "349573874" @default.
• W349573874 workType "article" @default.