Federal Regulations for Financial Institutions and Other Industries
CSI is in the business of helping businesses like yours comply with banking regulations and other government rules and regulations. We’re here to make sure you thrive while meeting federal regulatory compliance.
List of Banking Regulations and Other Government Regulations
As a bank, casino, insurance company or any other industry we serve, you’re required to meet business regulations that mandate how your customers are treated, who you trade with and more. Failure to meet federal regulations like these can result in civil and criminal penalties, leading to costly fines and even jail time:
- Bureau of Industry Security (BIS)
BIS compliance laws administer and enforce export controls on U.S. commercial products, software and technology.
- Bank Secrecy Act/Anti-Money Laundering (BSA/AML)
In an effort to fight money laundering, the AML/BSA regulations require traditional and non-bank financial institutions to keep specific records to signal money-laundering activities.
- Fair and Accurate Credit Transactions Act (FACTA)
In addition to allowing consumers to request credit reports, this act contains guidelines to prevent identity theft and requires security around the disposal of consumer information.
- Federal Financial Institutions Examination Council (FFIEC)
This five-member agency is responsible for establishing consistent FFIEC guidelines and uniform practices and principles for financial institutions.
- Financial Crimes Enforcement Network (FinCEN)
FinCEN compliance regulations activate section 314(a) of the USA PATRIOT Act, giving law enforcement the power to request information from financial institutions connected to investigations.
- Gramm-Leach-Bliley Act (GLBA)
GLBA compliance focuses on the security of consumers’ personal financial information by enforcing various rules that determine how financial institutions and related industries collect and protect confidential information.
- Office of the Comptroller of the Currency (OCC)
OCC compliance mandates supervisory actions, and it issues rules and regulations related to investments, lending and other practices.
- Office of Foreign Assets Control (OFAC)
OFAC regulations implement the Specially Designated Nationals List (SDN List), which prohibits U.S. businesses from engaging in financial transactions with any parties identified on the SDN List.
- Regulation E
The Electronic Funds Transfers Act (EFTA)—or Regulation E compliance—requires financial institutions to follow specific procedures when investigating consumer claims of electronic funds transfer errors.
- USA PATRIOT Act
In response to the terrorist acts of 9/11, USA PATRIOT Act compliance requires financial institutions to meet regulatory guidelines when verifying the identity of customers opening accounts.
Is your business trying to meet the regulatory compliance requirements of the federal government? We can help. Find out how CSI’s sanctions screening and other tools can help your company be competitive, compliant and profitable. Complete a contact request form now.