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Can you summarize 12 CFR Part 21, Subpart C?
MINIMUM SECURITY DEVICES AND PROCEDURES, REPORTS OF SUSPICIOUS ACTIVITIES, AND BANK SECRECY ACT COMPLIANCE PROGRAM > Procedures for Monitoring Bank Secrecy Act Compliance
Short Summary
The provided legal document content establishes procedures for national banks and savings associations to monitor and ensure compliance with the requirements of the Bank Secrecy Act (BSA) and its implementing regulations. The purpose of this subpart is to ensure that these financial institutions establish and maintain procedures that are reasonably designed to assure and monitor their compliance with the BSA and related regulations. The compliance program must be written, approved by the institution’s board of directors, and reflected in the minutes. The program should include a system of internal controls, independent testing for compliance, designation of individuals responsible for day-to-day compliance, and training for appropriate personnel. Additionally, the institutions are subject to the requirements of implementing regulations for customer identification programs. This subpart applies to national banks and savings associations, without any specified exemptions.
Whom does it apply to?
National banks and savings associations
What does it govern?
Procedures for national banks and savings associations to monitor and ensure compliance with the requirements of the Bank Secrecy Act (BSA) and its implementing regulations
What are exemptions?
No specified exemptions
What are the Penalties?
Penalties for non-compliance or violation of the Bank Secrecy Act and its implementing regulations are not mentioned in the provided document.
Jurisdiction
U.S. Federal Government