quote:
Posted: Sat Aug 19, 2006 5:11 am Post subject:
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Here is a story that makes me wonder if SI was able to move money from the partners to their account as fast at they thought they could -- I am betting that they possible ran into problems with that too --
XXX.
__________________________________________________ ___________
Posting for
Wednesday, June 12, 2002
by: Bert Rush
[email protected]
GOOD FUNDS/ESCROW AND CLOSING/USA PATRIOT ACT/BANKS AND BANKING
Dick Holloway (National Commercial Services/Atlanta, GA) reports the following:
His office is handling a transaction for which $100 million has been wire-transferred from Credit Suisse in Switzerland to Chase (bank) in New York. We called to confirm availability of the funds. A bank officer informs us that the funds are not available, and it will be "days if not weeks before the Chase compliance process is finished."
Puzzled, Dick called a friend at Chase to find out what's going on. Dick's friend reports that Chase and other financial institutions are now required to create and implement new anti-money laundering programs, under regulations issued by the Department of Treasury in connection with the USA Patriot Act of 2001. The USA Patriot Act, it may be recalled, was enacted by Congress after the 9/11 attacks to combat terrorism, and to help law enforcement detect and follow movement of funds by suspected terrorists and terrorist organizations. The latest regulations were issued only a few weeks ago.
As a result of the new regs, Chase has made changes in its Compliance Department. These changes may affect availability of funds.
Escrow/closing and title folk should be aware of these changes, and also aware that different financial institutions will be adopting different technologies and procedures to comply with the new laws and regulations. Techniques for detecting "terrorist financing" are also new, experimental, and evolving.
Meanwhile, our old assumptions and presumptions about availability of funds seem to be going the way of the Passenger Pigeon.
unquote:
I FULLY AGREE WITH HIS VIEW.
pinetree
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19-08-2006, 11:09 AM #1
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SI Paymens Are Delayed By Patriot Act
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