Regulatory Environment Flashcards
Reports required to be filed by the Bank Secrecy Act when a financial institution identifies or suspects fraudulent activity.
Suspicious Activity Report (SAR)
Federal Reserve policy addressing the risks that payment systems present to the Federal Reserve Banks, the banking system and to other sectors of the economy.
Payments System Risk (PSR) Policy
Defines Federal Reserve Bank and financial institution responsibilities in transmitting funds transfers through the Fedwire Funds Service.
Federal Reserve Bank Operating Circular 6 (OC 6)
Terms under which an institution may access certain services and applications provided by a Federal Reserve Bank and under which an institution may send or receive data from a Federal Reserve Bank by means of an electronic connection.
Federal Reserve Bank Operating Circular 5 (OC 5)
Defines Federal Reserve Bank and financial institution responsibilities in clearing checks.
Federal Reserve Bank Operating Circular 3 (OC 3)
Governs wholesale credit transfers which include wired funds and CCD and CTX credit entries.
Uniform Commercial Code Article 4A (UCC 4A)
Governs check collection outside the Federal Reserve Bank.
Uniform Commercial Code Article 4 (UCC 4)
Defines a negotiable check and types of endorsements.
Uniform Commercial Code Article 3 (UCC 3)
Governs the treatment of a consumer’s non-public personal information by financial institutions.
Regulation P
Act broadened the scope of the Bank Secrecy Act to focus on terrorist financing.
USA PATRIOT Act
Act requires financial institutions to assist U.S. government agencies to detect and prevent money laundering.
Bank Secrecy Act (BSA)
Primary source of rules for the commercial ACH Network defining obligations and liabilities of Participating DFIs.
Nacha Operating Rules (a.k.a. ACH Rules)
