Bank Secrecy Act (BSA): Federal law requiring financial institutions to assist government agencies in detecting and preventing money laundering, including requirements for reporting and record keeping.
USA PATRIOT Act: Federal law that strengthens KYC (Know Your Customer) requirements and enhances anti-money laundering procedures for financial institutions.
Federal Reserve Regulation D: Regulation establishing reserve requirements for depository institutions and defining types of deposit accounts.
Federal Deposit Insurance Act: Legislation governing the FDIC and establishing deposit insurance requirements for banking institutions.
Securities Exchange Act of 1934: Federal law governing securities trading and establishing the SEC, relevant for FBO accounts involving securities.
Investment Company Act of 1940: Federal law regulating investment companies and their activities, applicable if the FBO account involves investment management.
FinCEN Regulations: Financial Crimes Enforcement Network regulations requiring financial institutions to implement anti-money laundering programs.
OFAC Compliance Requirements: Office of Foreign Assets Control regulations requiring screening against sanctions lists and prohibited transactions.
Electronic Fund Transfer Act: Federal law establishing rights and responsibilities for electronic fund transfers and consumer protections.
Truth in Savings Act: Federal law requiring disclosure of terms and conditions for deposit accounts.
Regulation E: Federal regulation implementing the Electronic Fund Transfer Act and providing consumer protection for electronic transfers.
UCC Article 4: Uniform Commercial Code provisions governing bank deposits and collections.
UCC Article 4A: Uniform Commercial Code provisions governing funds transfers between financial institutions.
IRS Reporting Requirements: Tax reporting obligations including Form 1099 requirements for financial institutions managing FBO accounts.
Gramm-Leach-Bliley Act: Federal law requiring financial institutions to explain their information-sharing practices and protect sensitive data.
State Banking Laws: Various state-specific regulations governing banking operations, trust accounts, and fiduciary responsibilities.
State Privacy Laws: State-specific requirements for protecting customer privacy and handling personal information.
Business Entity Laws: State laws governing business entities, including requirements for authority and documentation in FBO account relationships.
