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2017 DBF Final Rulemaking

8/17/2017

1 Comment

 
On June 29, 2017 the Georgia Department of Banking and Finance (DBF) adopted Final Rules that were originally proposed in May 2017.  The issued rulemaking addresses a wide range of changes to State banking regulation.  A link to the rules can be found here. 

One BSA related change of note, the DBF slightly amended when state-chartered institutions must send a copy of a filed Suspicious Activity Report (SAR) to the Department.  The DBF removed the requirements to forward the SAR when the report involves a loss or potential loss of $100,000 or more and when filing on a money-service business (MSB) that is a customer of the institution.  The DBF also added additional notification requirements.  See below for the current notification requirements.

Chapter 80-9-1-.02 (1) A state chartered financial institution filing a suspicious activity report (SAR) with a federal authority must send a copy of such report to the Department promptly after filing the SAR if:

(a) The SAR involves a director, officer, employee, or principal shareholder of the state chartered financial institution, or a known immediate family member, related interest, or an affiliate of a director, executive officer, or principal shareholder of the state chartered financial institution;

(b) The SAR indicates that a financial institution is a suspect or otherwise indicates the possibility that such financial institution violated the law; or

(c) The SAR involves an affiliate or subsidiary of the financial institution.

(2) Along with any SAR forwarded to the Department, a financial institution shall also notify the Department when law enforcement or the financial institution's insurers, including, but not limited to surety companies, have been notified of the underlying activity.
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It is recommended that state-chartered institutions update their BSA procedures for the changes. 
1 Comment
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