Financial Institution Letters
December 28, 2018
Bank Secrecy Act
Bank Secrecy Act Technical Assistance Video Updated
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.
- 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
- FDIC-Supervised Banks (Commercial and Savings)
- Board of Directors
- Chief Executive Officer
- BSA Compliance Officer
- Bank Secrecy Act
- Anti-Money Laundering
- Counter-Terrorist Financing
- Office of Foreign Assets Control
- Anti-Money Laundering Specialist Natalie Noyes at AML@FDIC.gov or (202) 898-3673
FDIC Financial Institution Letters (FILs) may be accessed from the FDIC's website at www.fdic.gov/news/news/financial/.
To receive FILs electronically, please visit www.fdic.gov/about/subscriptions/fil.html.
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).