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Can you summarize 12 CFR 326.8?
Procedures for Monitoring Bank Secrecy Act Compliance > Bank Secrecy Act compliance.
Short Summary
This subpart governs Bank Secrecy Act compliance for FDIC-supervised institutions. The purpose of this subpart is to ensure that these institutions establish and maintain procedures to monitor their compliance with the requirements of subchapter II of chapter 53 of title 31, United States Code, and the implementing regulations issued by the Department of Treasury at 31 CFR Chapter X. The compliance program should include internal controls, independent testing, designated individuals responsible for day-to-day compliance, and training for appropriate personnel. Additionally, each institution is subject to the customer identification program requirements outlined in 31 U.S.C. 5318(l) and the implementing regulation jointly promulgated by the FDIC and the Department of the Treasury at 31 CFR 1020.220.
Whom does it apply to?
FDIC-supervised institutions
What does it govern?
Bank Secrecy Act compliance
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
Not specified.
Jurisdiction
U.S. Federal Government