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Can you summarize Assessing the BSA/AML Compliance Program > BSA Compliance Officer (2020)?
Assessing the BSA/AML Compliance Program > BSA Compliance Officer (2020)
Short Summary
This document outlines the responsibilities and requirements of a BSA compliance officer in banks and financial institutions. The objective is to ensure that the bank’s board of directors designates a qualified individual or individuals to coordinate and monitor day-to-day compliance with BSA regulatory requirements. The BSA compliance officer is responsible for managing all aspects of the BSA/AML compliance program and should have appropriate authority, independence, and access to resources. The board of directors is ultimately responsible for the bank’s BSA/AML compliance and should provide oversight. The BSA compliance officer should regularly report the status of ongoing compliance to the board of directors and senior management. Examiners should confirm the designation of a qualified BSA compliance officer, review reports to the board of directors, and assess the officer’s competence, authority, independence, and access to resources.
Whom does it apply to?
Banks and financial institutions
What does it govern?
BSA compliance officer responsibilities and requirements
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
Not specified in the document.
Jurisdiction
U.S. Federal Government