This document outlines the regulatory requirements for banks regarding recordkeeping for the purchase and sale of certain monetary instruments. The purpose is to ensure compliance with the Bank Secrecy Act (BSA) regulations. Banks are required to maintain records of information for each issuance or sale of monetary instruments involving currency amounts between $3,000 and $10,000. The required information includes the purchaser’s name, date of purchase, types of instruments purchased, serial numbers of the instruments, and specific identifying information.

This document outlines the regulatory requirements for banks and United States persons regarding the reporting of foreign financial accounts. It states that a United States person, including a bank, must file a Report of Foreign Bank and Financial Accounts (FBAR) if they have a financial interest in, or authority over, one or more foreign financial accounts with an aggregate value exceeding $10,000 at any time during the calendar year. The document clarifies that the federal tax treatment of an entity does not determine its FBAR filing requirement.

This document outlines the regulatory requirements for banks in the United States regarding special measures under Section 311 of the USA PATRIOT Act. The objective is to assess the bank’s compliance with the BSA regulatory requirements for special measures. Section 311 authorizes the Secretary of the Treasury to require domestic financial institutions and agencies to take certain special measures against foreign jurisdictions, foreign financial institutions, classes of international transactions, or types of accounts that are of primary money laundering concern.

This document outlines the regulatory requirements for banks regarding transactions of exempt persons under the Bank Secrecy Act (BSA). Banks are required to electronically file a Currency Transaction Report (CTR) for each transaction in currency over $10,000, but certain customers may be exempt from this reporting requirement. The exemptions are categorized into Phase I and Phase II exempt persons. Phase I exempt persons include banks, government agencies, listed entities, and their subsidiaries.

This document outlines the requirements for assessing the Bank Secrecy Act/Anti-Money Laundering (BSA/AML) compliance program of banks. The objective is to determine whether the bank has designed, implemented, and maintains an adequate BSA/AML compliance program that complies with BSA regulatory requirements. The BSA/AML compliance program must be written, approved by the board of directors, and noted in the board minutes. It should be commensurate with the bank’s ML/TF and other illicit financial activity risk profile.

This document outlines the responsibilities and requirements of a BSA compliance officer in banks and financial institutions. The objective is to ensure that the bank’s board of directors designates a qualified individual or individuals to coordinate and monitor day-to-day compliance with BSA regulatory requirements. The BSA compliance officer is responsible for managing all aspects of the BSA/AML compliance program and should have appropriate authority, independence, and access to resources. The board of directors is ultimately responsible for the bank’s BSA/AML compliance and should provide oversight.

This document governs the independent testing program for assessing the adequacy of a bank’s compliance with BSA regulatory requirements and the overall adequacy of the BSA/AML compliance program. The independent testing should be conducted by the internal audit department, outside auditors, consultants, or other qualified independent parties. Banks without external auditors or consultants or internal audit departments may use qualified bank staff not involved in the function being tested. The independent testing should report directly to the board of directors or a designated board committee.

This document focuses on assessing the internal controls of banks and financial institutions to ensure ongoing compliance with the Bank Secrecy Act (BSA) regulatory requirements. The board of directors, through senior management, is responsible for establishing and maintaining internal controls that mitigate and manage money laundering, terrorist financing, and other illicit financial activity risks. The internal controls should be commensurate with the size, complexity, and organizational structure of the bank. The document outlines various factors that should be considered in assessing the adequacy of internal controls, such as incorporating the bank’s risk assessment, providing program continuity, facilitating oversight of information technology, incorporating dual controls and segregation of duties, and establishing specific compliance responsibilities.

This document pertains to the development and delivery of a Bank Secrecy Act/Anti-Money Laundering (BSA/AML) training program to appropriate personnel within banks. The objective is to ensure that banks have a comprehensive training program that covers relevant aspects of the BSA, regulatory requirements, supervisory guidance, and the bank’s internal BSA/AML policies, procedures, and processes. The training should be tailored to each individual’s specific responsibilities and may require targeted training for specific risks and requirements applicable to certain business lines or operational units.

This document, the BSA/AML Risk Assessment, is part of the Federal Financial Institutions Examination Council (FFIEC) BSA/AML Examination Manual. It provides standards for examiners to assess the adequacy of a bank’s BSA/AML risk assessment process. The objective is to review the bank’s risk assessment process and determine if it has adequately identified money laundering, terrorist financing, and other illicit financial activity risks within its banking operations. The risk assessment process helps banks identify and mitigate risks, develop appropriate internal controls, and comply with BSA regulatory requirements.