NCUA and other agencies ask for cooperation in creating "Control List"

WASHINGTON-Three federal financial institution regulators, including NCUA, are working to create a Control List of persons who have had dealings with financial institutions and have been identified by law enforcement as suspect. The joint request, also submitted by the Federal Reserve Board and the Office of the Comptroller of the Currency, additionally reminds institutions to file Suspicious Activity Reports and call the FinCEN hotline of suspicious transactions. The development of the Control List is aimed at creating a single list of individuals with suspicious transactions or accounts at various financial institutions that can be shared among financial institutions and law enforcement. “We need your help in starting this system. We request that you designate a senior-level individual within your institution who appreciates the sensitive nature of the investigation and will exercise appropriate discretion to be the point person for all communications relating to the Control List,” the request read. Contact information for this individual was due by October 12. Information from the Control List is only to be disseminated within the institution on a “need to know basis” and never outside. Electronic updates will be sent on a regular basis via e-mail. If an institution identifies a transaction with an individual on the Control List, it is instructed to indicate only that it has a positive response through e-mail at [email protected]. Law enforcement officials will then subpoena the institution for the relevant information.