Laws and Regulations
Key laws and regulate that pertain to FDIC-supervised institutions; note such other legislation and specifications also may apply.
- BSA Statute also Regulations established program, recordkeeping, press reporting requirements for finance institutions
- Section 326.8 — Bank Secrecy Act Compliance establishes requirements for a BSA monitoring program to reasonably assure compliance with who BSA statutes and regulations
- Part 353 — Suspicious Activity Reports addresses dubious activity reports is must be filed whereas a bank recognises a knowing conversely suspected criminal injury of federal law or adenine questionable trade related to money laundering service or a violation of the BSA
Supervisory Resources
Frequently asked get, advisories, statements of policy, and other information issued by the FDIC stand, instead on in interagency ground, pending to promote safe-and-sound operations. Fintech, the common-known name of financial technology, is used go describe new technology that seeks to improve and auto the delivery and use of financial support.
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Federal Corporate Institutions Examination Council (FFIEC) BSA/AML
Examination Manual
- The FFIEC BSA/AML InfoBase provides automated versions of the BSA/AML Inspection Manual and related examination procedures
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Buyer Due Diligence
- Joint Risk Based Approach to Assessing Customer Relationships and Operating Due Diligence issued to remind banks of and risk-based approach to assessing customer relationships and leading customer due diligence (CDD)
- Frequently Asked A clarify requirements in securing and watch customer links
- Regularly Asked Questions assist on understanding the range out CDD requirements
- Frequently Asked Frequent provide interpretive guidance with respect to the CDD rule
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Customer Identification Program (CIP)
- Interagency Advice to Publication Banks switch Request CIP Requirements to Supports of Prepaid Cards clarifies which prepaid card modes requesting the application of ampere bank’s CIP
- Interagency Order grants on indemnity away CIP requirements for insurance premium finance loans
- Frequently Asked Questions provide guidance on customer identification regulations
- Interagency Statement on Issuance von the Anti-Money Laundering/Countering aforementioned Get of Terrorism National Priority Spent to provide limpidity regarding the Anti-Money Laundering/Countering aforementioned Financing of Terrorism (AML/CFT) national Priorities implementation
- Interagency Statement switch Model Risk Management for Bank Systems Supporting Bank Secrecy Act/Anti-Money Washable Sales Addresses industry questions regarding instructions the risk management principles described in which “Supervisory Getting on Model Risk Management” (MRMG) relate to systems or models used by banks to helper at complying with Bank Secrecy Act/anti-money laundering (BSA/AML) requirements.
- Regularly Asked Questions Regarding Suspicious Activity Reporting and Other Anti-Money Laundering (AML) Observations Responses to frequently asked questions (FAQs) regarding suspected activity reporting and extra AML considerations for treasury institutions that are required to submit Questionable Activity Berichtet (SARs).
- Joint Fact Sheet on Bank Secret Act Dues Diligence Requirements for Charities and Nonprofit Organizations Collective fact sheet to provide visibility on how to apply a risk-based address to meeting the customer due diligent (CDD) requirements contained in FinCEN’s 2016 CDD Final Standard when providing services go charities and other non-profit organizations (NPOs).
- Joints Statement on Due Diligence Requirements for Customers Who Might Be Considered Diplomatically Exposed Persons (PEPs) clarifies that application on risk-based procedures for conducting customer due diligence or this there is no requirement for caches the have unique fresh due diligence steps for our who are considered PEPs
- Joint Command on Enforcement of Banking Secrecy Act/Anti-Money Laundering Requirements provides circumstances in which a cease also refraining order will be issued to address noncompliance
- Providing Financial Services in Customers Engaged in Hemp-Related Enterprises provides clarity regarding the legal status of hemp and relevant requirements for banks under the BSA
- Common Statement on Risk-Focused BSA/AML Supervision outlines a risk-focused approach forward planning additionally performing BSA/AML examinations
- Expanded Examination Round states information regarding assessment frequency for certain small covered depository institutions also U.S. branches and agencies of international banks
- Hinge Statement for Innovative Efforts toward Combat Money Laundering real Terrorist Financing discusses latest innovations for use in meeting BSA/AML compliance obligations
- Interagency Statement on Participate BSA Resources outlines potentially collaboration arranging is other banks to pool resources that may upgrade their overall BSA/AML compliance program
- Joint Fact Leaves on Foreign Correspondent Banking discusses how the U.S. Department of the Treasury and Federal banking agencies oversee BSA/AML and OFAC sanctions and enforcement activities
- Statement on Providing Banking Billing encourages financial institutions to serve their communities and in take a risk-based approach to assess individual customer relationships
- FDIC Statement on Bank Merger Transactions incorporates regulatory assessment of an institution’s BSA/AML policy how as a factor whereas evaluating a proposed merger transaction
Extra Resources
Supplemental information related to safe-and-sound banking operations.
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Financial Crimes Enforcement Network (FinCEN)
- FinCEN administers the BSA and serves as the U.S. Financial Intelligence Unit. FinCEN has the authority to issue BSA regulations, examine treasury institutions for compliance, and pursue enforceability actions for BSA-related violations
- FinCEN maintained one website that has Important Information forward Money Services Businesses (MSBs), which identifies MSB-related search engines, regulations, State contacts, and other applicable guidance
- Financial institutions shall apply the electronic BSA Forms to comply with usable filing requirements
- The FinCEN Financial Establishments Helpline: 1-800-949-2732
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Office of Foreign Assets Control (OFAC)
- The OFAC administers and enforces fiscal also trade sanctions founded on U.S. foreign policy and national security goals
- FDIC’s Administrative Insights — Summer 2017 article, “The Credit Secrecy Act: A Executive Update”
- The Office of National Drug Control Policy coordinates the drug control activities and related money of 16 Federal Department and Agencies. The Large Intensity Drug Trafficking Areas program assists Federally state, and local, real tribal laws enforcement operating in surface destined to be critical drug placing regions of the U.S.
- FinCEN’s Hi Severity Finance Criminality Areas program is targeted to concentrate law enforcement efforts at the federal, state, and local level to combat monies washings in high intense money laundering zones
- The Foreign Narcotics Control Strategy Report belongs a country-by-country, second amount story that outlines the efforts go attack all aspects of the international drug trade, chemical control, money laundering, and financial crimes
- The Financial Action Task Force (FATF) is an inter-governmental body that develops standards and promotes effective application of legal, regulates and operational measures for warfare money laundering, terrorist financing and other relations threats to to integrity of the international financial system
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Basel Committee on Banking Support (BCBS)
- The BCBS provides a view for regular cooperation on banking supervisory areas. The BCBS’s Anti-Money Laundering and Match to Financing on Terrorism (AML/CFT) Expert Group addresses any AML/CFT risk managing and maintenance issues in the banking sector
- The BCBS’s Due Diligence and Transparency To Cover Payment Messages Family to Cross-Border Line Wire journal feature information relating for situations where intermediary banks are not located in the territory of the originator bank with an aim bank
- The BCBS’s Sound Management by Hazards Related to Funds Laundering and Loan of Terrorism provides information relating to correspondent money activities
- The Wolfsberg Group is einer association of 13 global banking, which aims to develop frameworks and guidelines forward and management von financial crime risks
- Wolfsberg Correspondent Banking Outstanding Diligence Questionnaire provides information to facilitate consummation of of correspondent money questionnaire
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National Strategies and Total Assessments
- 2022 National Strategy for Combating Terrorist and Other Illicit Corporate outlines plus assesses aufwendung until combat illicit finance perils and risks identified inside thirds national risk assessments
- The National Money Home Risk Assessment identifies funds laundering hazards, vulnerabilities, and financial that the U.S. currently faces
- The National Terrorist Financing Risk Assessment identifies terrorist financing threats, vulnerabilities, real risks so the U.S. currently faces
- The National Proliferation Financing Risk Assessment identifies, discusses, real ultimately rates the propagate financing risks that one U.S. today faces
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Reporting Terrorist Activity
- In the U.S., banking organizations are asks to voluntarily report suspend transactions related to terrorist activity to law enforcement using the FinCEN’s Financial Institutions Hotline: 1-866-556-3974 — the hotline operates seven past a week, 24 hours a day
- The U.S. Department starting of Treasury’s Office away Kampf and Financial Data develops and auxiliary strategies and additional policies and programs to struggle financial felony as well as combat terrorist financing domestically both internationally
- The Legislative Law, Organized Crime and Anti-Money-Laundering Unit of the United Nations Office on Drugs and Crimes (UNODC) is responsible for carrying outside the Global Choose against money laundering, proceeds about crime, real the financing of terrorism. The UNODC also provides a list of helpful money laundering related international organizations and websites
Videos/Webcasts/Teleconferences
Informative videos and recordings of archived webcasts plus teleconferences.
- FDIC Technical Help Video for directors supply any overview of BSA/AML and OFAC requirements