There was much cheering when federal regulators finally released their Final Model Privacy Notice Form back in November. That was quickly followed by a gnashing of teeth when it turns out the regulators did not understand the concept of a form or how to use Adobe Acrobat. They merely created a static document that you … Read more »
Tag: OCC
New Anti-Money Laundering Guidance
Money Laundering is bad and financial institutions need to have internal controls policies, procedures and processes to identify higher-risk accounts and monitor the activity. At the core of an anti-money laundering program is that an institution must know its customers and the risks presented by its customers. The program becomes more difficult when the customer … Read more »
Federal Regulators Issue Final Model Privacy Notice Form
Eight federal regulatory agencies today released the final model privacy notice form. It’s supposed to make it easier for consumers to understand how financial institutions collect and share information about consumers. Under the Gramm-Leach-Bliley Act, institutions must notify consumers of their information-sharing practices and inform consumers of their right to opt out of certain sharing … Read more »