Bank Secrecy Act/Anti-Money Laundering
Bank Secrecy Act (BSA) and Related Rules and Regulations
- Bank Secrecy Act Statute and Regulations
The Bank Secrecy Act (BSA) establishes program, recordkeeping, and reporting requirements for depository institutions.
- Section 326.8 Bank Secrecy Act Compliance
Part 326 of the FDIC Rules and Regulation - Subpart B - Procedures for Monitoring Bank Secrecy Act Compliance requires depository institutions to establish and maintain procedures reasonably designed to assure and monitor compliance with the BSA and its implementing regulations, 31 CFR Chapter X.
- Part 353 Suspicious Activity Reports
Part 353 of the FDIC Rules and Regulations – Suspicious Activity Reports requires an insured state nonmember bank to file a Suspicious Activity Report when it detects a known or suspected criminal violation of federal law or a suspicious transaction related to a money laundering activity or a violation of the BSA.
Customer Due Diligence
- Frequently Asked Questions Regarding Customer Due Diligence Requirements for Financial Institutions (fincen.gov) - April 3, 2018
- Frequently Asked Questions Regarding Customer Due Diligence Requirements for Financial Institutions (fincen.gov) - July 19, 2016
Customer Identification Program
- Interagency Guidance to Issuing Banks on Applying Customer Identification Program Requirements to Holders of Prepaid Cards
- Customer Identification Program Rule Exemption for Insurance Premium Finance Loans
- FAQs: Final Customer Identification Program (CIP) Rule (fincen.gov)
- Interagency Statement on Sharing Bank Secrecy Act Resources
- Joint Statement on Innovative Efforts to Combat Money Laundering and Terrorist Financing
- Interagency Statement Clarifying the Role of Supervisory Guidance
- Statement on Providing Banking Services
- Expanded Examination Cycle for Certain Small Insured Depository Institutions and U.S. Branches and Agencies of Foreign Banks
- Interagency Statement on Enforcement of Bank Secrecy Act/Anti-Money Laundering (AML) Requirements
- Joint Fact Sheet on Foreign Correspondent Banking: Approach to BSA/AML and OFAC Sanctions Supervision and Enforcement (treasury.gov)
Financial Crimes Enforcement Network (FinCEN)
The FinCEN (fincen.gov) administers the BSA, which is the federal AML law. It has the authority to issue regulations implementing the BSA, examine financial institutions for compliance, and take enforcement actions for violations of the BSA and its implementing regulations. The FinCEN also serves as the U.S. Financial Intelligence Unit, responsible for receiving, analyzing, and disseminating to the competent authorities disclosures of financial information: (1) concerning suspected proceeds of crime and potential financing of terrorism, or (2) required by national legislation or regulation in order to combat money laundering and terrorism financing.
- Important Information for Money Services Businesses (MSBs) (fincen.gov)
- Bank Secrecy Act Forms and Filing Requirements (fincen.gov)
- The FinCEN Financial Institutions Helpline 1-800-949-2732
Office of Foreign Assets Control (OFAC)
The OFAC (treasury.gov) administers and enforces economic and trade sanctions based on U.S. foreign policy and national security goals.
Technical Assistance Videos
The Technical Assistance Video Program is a series of educational videos designed to provide useful information to bank directors, officers and employees on areas of supervisory focus and regulatory changes.
FFIEC BSA/AML Examination Manual
- FFIEC BSA/AML Examination Manual (bsaaml.ffiec.gov)
- FFIEC BSA/AML Examination Manual - Spanish Translation (bsaaml.ffiec.gov)
- Customer Due Diligence Overview and Examination Procedures
- Beneficial Ownership for Legal Entity Customers - Overview and Examination Procedures
- High Intensity Drug Trafficking Areas (HIDTAs) (dea.gov)
The HIDTA Program provides additional federal resources to those areas to help eliminate or reduce drug trafficking and its harmful consequences.
- High Intensity Financial Crime Areas (HIFCAs) (fincen.gov)
HIFCAs are a means of concentrating law enforcement efforts at the federal, state, and local levels in high intensity money laundering zones.
- International Narcotics Control Strategy Report (INCSR) (state.gov)
The Department of State's INCSR is the U.S. Government's country-by-country Congressional report that describes the efforts to attack all aspects of the international drug trade, chemical control, money laundering and financial crime.
- Financial Action Task Force (FATF) (fatf-gafi.org)
The FATF is an inter-governmental body that develops and promotes policies, both at national and international levels, to combat money laundering and terrorist financing.
- The Basel Committee on Banking Supervision (BCBS) provides a forum for regular cooperation on banking supervisory matters. The BCBS’s Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) Expert Group addresses any AML/CFT risk management and supervision issues in the banking sector.
- The Wolfsberg Group (wolfsberg-principles.com)
The Wolfsberg Group is an association of 11 global banks, which aims to develop financial services industry standards, and related products, for Know Your Customer, Anti-Money Laundering, and Counter Terrorist Financing policies.
- Wolfsberg Correspondent Banking Due Diligence Questionnaire (wolfsberg-principles.com)
- National Money Laundering Risk Assessment (home.treasury.gov)
Identifies money laundering threats, vulnerabilities, and risks currently facing the U.S.
- National Terrorist Financing Risk Assessment (home.treasury.gov)
Identifies terrorist financing threats, vulnerabilities, and risks currently facing the U.S.
- National Proliferation Financing Risk Assessment (home.treasury.gov)
Identifies, discusses, and ultimately assesses the proliferation financing risks currently facing the U.S.
Reporting Terrorist Activity
The FDIC encourages financial institutions to cooperate with law enforcement in the investigation of terrorist activity in the U.S. Banking organizations are asked to voluntarily report suspicious transactions related to terrorist activity to law enforcement using the FinCEN’s Financial Institutions Hotline at 1-866-556-3974. The hotline operates seven days a week, 24 hours a day.
- U.S. Department of the Treasury - Terrorism and Financial Intelligence (treasury.gov)
The U.S. Department of the Treasury’s Office of Terrorism and Financial Intelligence develops and implements U.S. government strategies to combat terrorist financing domestically and internationally. It also develops and implements the National Money Laundering Strategy as well as other policies and programs to fight financial crimes.
- United Nations Office on Drugs and Crime (UNODC) - Money-Laundering and Countering the Financing of Terrorism (unodc.org)
The Law Enforcement, Organized Crime and Anti-Money-Laundering Unit of the UNODC is responsible for carrying out the Global Program against Money Laundering, Proceeds of Crime, and the Financing of Terrorism. The UNODC also provides a list of helpful money laundering related international organizations and websites.