FFIEC Releases 2014 Version of BSA Examination Manual

Updated BSA exam manual released; Which policies need board approval; Plus legal briefs.

IRS Releases Revised ‘Certificate of Foreign Status’ Form for Individuals

The IRS has a issued a new form that individuals who are not U.S. citizens or resident aliens can use to claim an exception from information reporting and backup withholding for certain types of income, including financial-institution deposit interest. Also in today’s Anthem: Legal Briefs, and the Question of the Week: “What should be done if the direct deposit of an IRS refund went into an account that doesn’t belong to the intended recipient?”

Compliance Center: OFAC Issues New Foreign Sanctions Evaders List

The Office of Foreign Asset Controls has issued a new Foreign Sanctions Evaders List for individuals or entities involved in transactions to or from Iran and Syria. Also in today’s Anthem: Legal Briefs, and the Compliance Question of the Week: “With a Uniform Transfers to Minors Account, when the child turns 18 and comes into the credit union to get the money, should we turn the money over to him?”

Legal Briefs

Your weekly update on the regulatory landscape.

IRS Updates W-9; Credit Unions May Need to Modify Applications

The Internal Revenue Service has released an updated version of Form W-9 and instructions.

Legal Briefs

Your weekly update on the regulatory landscape.

CFPB Issues Proposals to Remittance Transfer Rule

The CFPB is seeking comment on four proposed changes to the Remittance Transfer Rule, all of which are considered beneficial to financial institutions that will continue offering remittance transfer services.

IRS Pushes Back Some FATCA Compliance Dates

While the reporting requirement on 1042-S remains unchanged, the IRS and the U.S. Treasury have moved back several of the key compliance dates for the Foreign Account Tax Compliance Act (FATCA).

Compliance Question of the Week

We had a member who lived in Utah when he passed away. His personal representative has letters of testamentary granted from Utah. Can we turn over the assets to the personal representative based on those letters?

Legal Briefs

Your update on the regulatory landscape.

Legal Briefs

Rules and announcements from federal agencies impacting credit unions.

Legal Briefs

Your update on the regulatory landscape.

Legal Briefs

Your update on the regulatory landscape.

Legal Briefs March 31, 2011

Your update of the regulatory landscape.