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Can you summarize 12 CFR 748.2?
SECURITY PROGRAM, SUSPICIOUS TRANSACTIONS, CATASTROPHIC ACTS, CYBER INCIDENTS, AND BANK SECRECY ACT COMPLIANCE > Procedures for monitoring Bank Secrecy Act (BSA) compliance.
Short Summary
This document outlines the procedures for monitoring Bank Secrecy Act (BSA) compliance for federally insured credit unions. The purpose of this section is to ensure that credit unions establish and maintain procedures to comply with the Financial Recordkeeping and Reporting of Currency and Foreign Transactions Act and its implementing regulations. Each credit union is required to develop and administer a BSA compliance program, which must be written, approved by the board of directors, and reflected in the credit union’s minutes. The compliance program should include a system of internal controls, independent testing for compliance, designation of an individual responsible for day-to-day compliance monitoring, and training for appropriate personnel. Additionally, credit unions are subject to the customer identification program requirements. Overall, this document aims to promote and monitor compliance with BSA requirements in order to prevent money laundering and other financial crimes.
Whom does it apply to?
Federally insured credit unions
What does it govern?
Bank Secrecy Act (BSA) compliance
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
Not specified.
Jurisdiction
U.S. Federal Government