Screen against Office of Foreign Assets Control (OFAC) and other government lists.Establish effective customer due diligence systems and monitoring programs.Establish effective BSA compliance programs.Under the Bank Secrecy Act (BSA) and related anti-money laundering laws, banks must Through sound operations, banks play an important role in helping investigative and regulatory agencies identify money-laundering entities and take appropriate action. With the advent of terrorists who employ money-laundering techniques to fund their operations, the risk expands to encompass the safety and security of the nation. Money laundering poses significant risks to the safety and soundness of the U.S. Money LaunderingĬriminals have long used money-laundering schemes to conceal or "clean" the source of fraudulently obtained or stolen funds. A number of resources are available to assist you in this effort. banks play a key role in combating the financing of terrorism by identifying and reporting potentially suspicious activity as required under the BSA.
Department of Treasury periodically issue alerts, advisories and rulemakings concerning institutions or individuals who may be engaged in fraudulent activities or be deemed to be of high-risk for money laundering or terrorist financing activities. BSA/AML Bulletins, Financial Crimes Enforcement Network (FinCEN) Advisories, & Related BASEL Information law enforcement also provides banks with access to resources and tools such as those listed here that can be used to strengthen your BSA/AML risk management programs. In addition to utilizing information filed by banks in money laundering and terrorist financing investigations, U.S. The BSA was amended to incorporate the provisions of the USA PATRIOT Act which requires every bank to adopt a customer identification program as part of its BSA compliance program. The OCC's implementing regulations are found at 12 CFR 21.11 and 12 CFR 21.21. The Bank Secrecy Act (BSA), et seq establishes program, recordkeeping and reporting requirements for national banks, federal savings associations, federal branches and agencies of foreign banks. Department of Treasury's Financial Crimes Enforcement Network (FinCEN) and OFAC the OCC will promptly notify FinCEN and OFAC of significant BSA violations or deficiencies.
Under a memorandum of understanding between the U.S. The OCC uses informal and formal enforcement actions to ensure national banks, federal savings associations, federal branches, and agencies of foreign banks compliance with BSA. BSA & Office of Foreign Assets Control (OFAC) Enforcement The OCC conducts regular examinations of national banks, federal savings associations, federal branches, and agencies of foreign banks in the U.S. BSA/Anti-Money Laundering (AML) Examinations
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