EFT Report

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Bullet Points.
August 18, 2004 ... * At press time, EFT Report learned that Bank of America laid off some 1,500 tellers and other branch staff at FleetBoston banks across the country; BofA acquired FleetBoston earlier this year and continues to mold its purchase into its own...

TowerGroup Studies The CLS Bank.
August 18, 2004 ... The Continuous-Linked Settlements (CLS) system, which became operational in September 2002, is a mechanism for payment-versus-payment (PVP) real-time settlement of payments associated with foreign exchange transactions in which payments are...

Are The New OCC CIP Guidelines Too Loose?
August 18, 2004 ... Too many loopholes could let the bad guys continue to get away Is the U.S. Patriot Act letting the bad guys get away? When the Patriot Act was passed, it was supposed to have closed all the money-laundering loopholes and, if anything,...

In Creating The CLS Bank, Can The New York Clearing House Prosper?
August 18, 2004 ... New, valued-added services compete with the Fed Back in July, the 151-year-old New York Clearing House ended a nine-year process by announcing it was reorganizing and changing its name to The Clearing House. "It all started [in 1995]...

Are Shell Banks On The Rise?
August 18, 2004 ... The Financial Crimes Enforcement Network (FinCen), which is part of the U.S. Department of the Treasury, published its SAR Activity Review earlier this week, giving bankers plenty of new things to worry about, including attempts by foreign...