Ask Reggi Your Question Now
Can you summarize Assessing Compliance with BSA Regulatory Requirements > Special Measures (2021)?
Assessing Compliance with BSA Regulatory Requirements > Special Measures (2021)
Short Summary
This document outlines the regulatory requirements for banks in the United States regarding special measures under Section 311 of the USA PATRIOT Act. The objective is to assess the bank’s compliance with the BSA regulatory requirements for special measures. Section 311 authorizes the Secretary of the Treasury to require domestic financial institutions and agencies to take certain special measures against foreign jurisdictions, foreign financial institutions, classes of international transactions, or types of accounts that are of primary money laundering concern. The document explains the five types of special measures that can be imposed, including recordkeeping and reporting of certain financial transactions, information relating to beneficial ownership, information relating to certain payable-through accounts, information relating to certain correspondent accounts, and prohibitions or conditions on opening or maintaining certain correspondent or payable-through accounts. The document also provides information on the process for selecting special measures, examiner assessment of compliance with special measures, and examination and testing procedures. It is important for banks to review and comply with the specific special measures applicable to their operations.
Whom does it apply to?
Banks in the United States
What does it govern?
Assess the banks compliance with the BSA regulatory requirements for special measures issued under section 311 of the USA PATRIOT Act.
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
Not specified.
Jurisdiction
U.S. Federal Government