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Bank Secrecy Act

Bank Secrecy Act Technical Assistance Video Updated

BSA/AML, OFAC and Fraud
December 28, 2018

Summary:

As part of the FDIC's Community Banking Initiative, the FDIC is announcing the release of an updated technical assistance video on the Bank Secrecy Act (BSA), anti-money laundering (AML) requirements, and the Treasury Department's Office of Foreign Assets Control (OFAC) sanctions programs. The updated video provides an overview of current BSA/AML and OFAC requirements for directors of FDIC-supervised banks and savings associations.

Statement of Applicability to Institutions: This Financial Institution Letter applies to FDIC-supervised banks and savings associations.

Highlights:

  • The FDIC is issuing updates to its technical assistance video for the BSA to assist directors to understand their compliance responsibilities.
  • The updated video reflects changes in federal laws and regulations since it was originally released by the FDIC in 2013.
  • Among other things, the updated video reflects the new beneficial ownership and customer due diligence requirements and related examination procedures as described in FIL 26-2018 dated May 11, 2018, titled: Bank Secrecy Act: Customer Due Diligence and Beneficial Ownership Examination Procedures .
  • The updated BSA video can be accessed at: www.fdic.gov/regulations/resources/director/virtual/bsa.html

Distribution:

  • FDIC-Supervised Banks (Commercial and Savings)

Suggested Routing:

  • Board of Directors
  • Chief Executive Officer
  • BSA Compliance Officer

Paper copies of FDIC FILs may be obtained through the FDIC's Public Information Center, 3501 Fairfax Drive, Room E 1002, Arlington, VA 22226 (1-877-275-3342 or 703-562-2200).

Additional Related Topics:

  • Anti-Money Laundering
  • Counter-Terrorist Financing
  • Office of Foreign Assets Control
Attachment(s)
Related Topics
Bank Secrecy Act

Last Updated: December 28, 2018