What are the most important regulations banks are facing right now?
I'm particularly interested in the regulations that would affect
technology purchase decisions. A list of the top 5-10 with definitions
would be great.

According to a compliance official at Citigroup, the most important
regulations banks are encountering right now are associated with the
USA Patriot Act, the Office of Foreign Assets Control, and Sarbanes
Oxley.  All of these have a significant impact on technology purchase
decisions because technology is crucial to achieving compliance. 
Recordkeeping and the implementation of specific processes to control
business activities are most effectively accomplished through
appropriate implementations of technology.

For example, banks are required to check individuals and companies
called "Specially Designated Nationals" against a list provided by the
Office of Foreign Assets Control before they can do business with
them, "Frequently Asked Questions" Office of Foreign Assets Control
http://www.treas.gov/offices/enforcement/ofac/faq/.

The USA Patriot Act requires banks to record and verify identity
information for customers when they open a new account, "AML/PATRIOT
Act Q&A Archive" ComplianceHeadquarters
http://www.complianceheadquarters.com/AML/AML_QA_Archive/USA_CIPSection326.html.
 Well-organized links to great deal of material regarding many bank
regulations of current interest can be found at the same web site at
http://www.complianceheadquarters.com/AML/AML_Research/aml_research.html.

Some additional material on these regulations can be found at: "Legal
(Compliance) Risk" http://www.ffiec.gov/ffiecinfobase/booklets/Wholesale/14.html
and "The USA Patriot Act and Anti-Terrorism Laws Impact the Real
Estate Industry" Holland & Knight LLP (June 2, 2004)
http://www.hklaw.com/Publications/Newsletters.asp?IssueID=462&Article=2554

"Sarbanes-Oxley?s Application to Banks" by Christopher C. Gallagher,
Gallagher, Callahan & Gartrell (August 2004)
http://www.gcglaw.com/resources/financial/banks.html and
"Sarbanes-Oxley Spurs Risk-Management Focus in Bank Compliance" ABA
Compliance (January 2004)
http://www.crowechizek.com/NR/rdonlyres/exzvmuorcu7ja373mxt6sc2hyiixlg3gfwldfau6a3qkfux2inuz4snrhupdre4vff3ao4l6kmcpaa2strn2jazaqxh/S-O+You+Asked_2_Sox+spurs+risk+mangement_ABA+Jan+7+2004+FINAL2.pdf
describe how Sarbanes Oxley affects banks.

"TABLE OF LAWS AND REGULATIONS CONSUMER PROTECTION LAW...AND MORE" by
Gail Cole, BankersOnline.com
http://www.bankersonline.com/tools/gac_lawsandregs.pdf provides a
comprehensive list of laws and regulations that banks must comply with
that may interest you.  The same web site provides additional
information on many of these regulations, along with links to their
full text, at "Alphabet Soup"
http://www.bankersonline.com/abcsoup/abcsoup.html.

Sincerely,

Wonko

Search Terms: new banking regulations, USA Patriot Act, Office of
Foreign Assets Control, Sarbanes Oxley risk bank

This is great! Thanks!!