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Can you summarize 12 CFR 208.63?
Miscellaneous Requirements > Procedures for monitoring Bank Secrecy Act compliance.
Short Summary
This section of the Code of Federal Regulations, specifically Regulation H issued by the Board of Governors of the Federal Reserve System, establishes the procedures for state member banks to ensure and monitor their compliance with the provisions of the Bank Secrecy Act (BSA) and the implementing regulations. The BSA requires recordkeeping and reporting of currency transactions. Each bank is required to develop and administer a compliance program that is designed to ensure and monitor compliance with the recordkeeping and reporting requirements set forth in the BSA and its implementing regulations. The compliance program should include internal controls, independent testing for compliance, designated individuals responsible for coordinating and monitoring day-to-day compliance, and training for appropriate personnel. Additionally, each bank is subject to the requirements of a customer identification program as part of the BSA compliance program. The compliance program should be reduced to writing, approved by the board of directors, and noted in the minutes.
Whom does it apply to?
State member banks
What does it govern?
Procedures for monitoring Bank Secrecy Act compliance
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
Not specified.
Jurisdiction
U.S. Federal Government