Transcription of FDIC Bank Secrecy Act
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FDIC Bank Secrecy Act
Bank Secrecy Act federal DEPOSIT insurance corporation Objectives Provide overview of BSA and Financial Crimes Enforcement Network Discuss regulatory requirements and supervisory approach Cover OFAC sanctions programs and requirements federal DEPOSIT insurance corporation The Bank Secrecy Act (BSA) Fights money laundering and financing of terrorism through: Financial Transparency Deterrence Detection federal DEPOSIT insurance corporation Evolution Of The BSA Bank Secrecy Act of 1970, also known as Bank Records and Foreign Transaction Act Money Laundering Control Act of 1986 Annunzio-Wylie Anti-Money Laundering Act (1992) USA PATRIOT Act (2001) federal DEPOSIT insurance corporation Who Is Covered By The BSA? Depository Institutions Banks Savings Associations Credit Unions federal DEPOSIT insurance corporation Who Is Covered By The BSA? Non-bank Financial Institutions Casinos Precious Metal/Stone Dealers Money Service Businesses insurance Companies Loan/Finance Companies Securities/ Commodities Firms federal DEPOSIT insurance corporation Financial Crimes Enforcement Network Designated administrator of the BSA federal DEPOSIT insurance corporation Financial Crimes Enforcement Network Issues BSA regulations and guidance Provides BSA outreach to the industry Supports regulatory examinations Pursues civil enforcement actions Delegates examination authority federal DEPOSIT insurance corporation BSA/AML Compliance Program Board responsibilities include: Ensur
Maintain and update customer information on a risk basis . ... transaction or the date of account closure . FEDERAL DEPOSIT INSURANCE CORPORATION Examination Process Assess the program in relation to risk and complexity Review risk assessment, policies, and procedures
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