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Can you summarize Assessing Compliance with BSA Regulatory Requirements > Introduction (2021)?
Assessing Compliance with BSA Regulatory Requirements > Introduction (2021)
Short Summary
This document provides guidance on assessing compliance with BSA regulatory requirements for banks. In addition to the Bank Secrecy Act/anti-money laundering (BSA/AML) compliance program requirements, banks must also comply with other program, reporting, and recordkeeping requirements, special information sharing procedures, and special standards of diligence, prohibitions, and special measures set forth in 31 CFR Chapter X Part 1020. The document emphasizes the need for written policies, procedures, processes, and practices that align with the bank’s unique money laundering, terrorist financing (ML/TF), and other illicit financial activity risk profile. Examiners should tailor the scope of a BSA/AML examination to each bank based on its risk profile, size or complexity, quality of independent testing, changes to the bank’s BSA/AML compliance officer or department, expansionary activities, new innovations and technologies, or other relevant factors. Examiners will assess the bank’s risk management practices and compliance with BSA regulatory requirements, including the implementation of policies, procedures, and processes, controls, information technology sources, systems, and processes used for BSA/AML compliance. Testing should be risk-focused and may involve specific transactions or analytical reviews. Not all examination and testing procedures in this Manual are likely to be applicable to every bank or during every examination.
Whom does it apply to?
Banks
What does it govern?
BSA regulatory requirements
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
Not specified.
Jurisdiction
U.S. Federal Government