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Bank Secrecy Act and Anti-Money Laundering

Bank Secrecy Act Examination Program Overview

The FDIC has prescribed in its regulations, Section 326, Subpart B- Procedures for Monitoring Bank Secrecy Act Compliance (12 CFR Part 326.8) a requirement that depository institutions establish and maintain procedures reasonably designed to assure and monitor the compliance with the BSA and the implementing regulations 31 CFR 103. The FDIC monitors compliance with the BSA-related regulations by conducting on-site examinations of every FDIC-supervised depository institutions. BSA compliance is a safety and soundness issue due to the reputational, regulatory, legal, and financial risk exposure to the bank for being involved in money laundering schemes or willfully violating the BSA statute. Civil money penalties and regulatory enforcement actions may be imposed for noncompliance with money laundering regulations which can endanger capital and earnings. Furthermore, banks may be criminally prosecuted for willful violations of money laundering statutes, which could ultimately lead to termination of FDIC insurance.

Examination Resources

Revised Bank Secrecy Act/Anti-Money Laundering Examination Manual (FIL 17-2010)

Interagency Statement on Enforcement of Bank Secrecy Act/Anti-Money Laundering Requirements
(FIL 71-2007)

Amended Statement of Policy on Bank Merger Act Transactions - "Anti-Money Laundering Record"
(FIL 82-2002)

Guidance on Accepting Accounts From Foreign Governments, Foreign Embassies & Foreign Political Figures (FIL 72-2004)

Bank Secrecy Act Statute and Regulations

USA Patriot Act of 2001 Title III

FDIC Rules and Regulations on Bank Secrecy Act Compliance Program

Currency Transaction Reports and Exemptions

Rules For Currency Transaction Reporting Exemptions (Inactive FIL-10-98)

Currency Transaction Reporting Exemption Rule (FIL 120-98)

Electronic Designation of Exempt Person Form (www.fincen.gov)

Rules For Currency Transaction Reporting Exemptions (Inactive FIL-55-2000)

Frequently Asked Bank Secrecy Act Questions (www.fincen.gov)

Electronic Currency Transaction Report (www.fincen.gov)

Suspicious Activity Reports

Requests By Law enforcement to Keep Accounts Open (FIL 55-2007)

Suspicious Activity Report Supporting Documentation (FIL 54-2007)

Delayed Implementation of Revised Suspicious Activity Report by Depository Institutions Form
(FIL 49-2007)

Sharing Suspicious Activity Reports With Controlling Companies (FIL 5-2006)

"Safe Harbor" and Filing of Suspicious Activity Reports (FIL 36-98)

Suspicious Activity Report Changes (FIL 56-2003)

Electronic Suspicious Activity Report (www.fincen.gov)

Last Updated 05/10/2013 Supervision@fdic.gov