February 20, 2006 News Archive

Basel Committee Issues Revised Guidelines on Sound Corporate Governance Practices offsite link
On Feb. 13, the Basel Committee on Banking Supervision issued revised guidelines for sound corporate governance practices. The revised guidelines update the Committee's 1999 paper, "Enhancing Corporate Governance for Banking Organizations," and take into account comments received since the revised paper was circulated in July 2005.

Latest The SAR Activity Review -- By the Numbers Available offsite link
The Financial Crimes Enforcement Network (FinCEN) recently issued The SAR Activity Review -- By the Numbers, a compilation of statistical data gathered from Suspicious Activity Report (SAR) forms submitted by depository institutions, casinos and card clubs, certain money services businesses and certain segments of the securities and futures industry. (PDF)

FinCEN Issues Q&A On Foreign Banks' Correspondent Accounts offsite link
The Financial Crimes Enforcement Network (FinCEN) issued question-and-answer guidance on Feb. 3 on the certification renewal process for correspondent accounts held for foreign banks. A bank must obtain a certification from each foreign bank for which it maintains a correspondent account "at least once every three years" to qualify for a safe harbor provision in FinCEN's rules. FinCEN said financial institutions must re-certify the banks on or before the three-year anniversary of the "execution" of the initial or previous certificate. In answer to another question, FinCEN said banks may obtain re-certifications through electronic transmissions, Web postings and other reliable methods. (PDF)

OFAC Revises List of Specially Designated Nationals and Blocked Persons offsite link
In a letter to financial institutions, the Federal Deposit Insurance Corporation (FDIC) announced that the Department of the Treasury's Office of Foreign Assets Control has added several entries to its list of Specially Designated Nationals and Blocked Persons.