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Can you summarize Expanded Examination Procedures for Consolidated and Other Types of BSA/AML Compliance Program Structures > BSA/AML Compliance Program Structures?
Expanded Examination Procedures for Consolidated and Other Types of BSA/AML Compliance Program Structures > BSA/AML Compliance Program Structures
Short Summary
This document provides an overview of BSA/AML compliance program structures for banking organizations. It emphasizes the importance of having a comprehensive BSA/AML compliance program that addresses BSA requirements applicable to all operations of the organization. The document discusses different approaches to structuring and managing the program, including consolidation across entities within an organization or as part of an enterprise risk management framework. It highlights the need for a consolidated approach to reflect the organization’s business structure, size, and complexity, and to effectively address risks and legal requirements. The document also outlines the structure of the BSA/AML compliance function, the roles of the board of directors and senior management in overseeing and managing the program, and the requirements for a consolidated BSA/AML compliance program. Examiners are provided with procedures to assess the structure and management of the program during examinations. Overall, the document aims to ensure that banking organizations have robust BSA/AML compliance programs in place to mitigate risks and comply with regulatory requirements.
Whom does it apply to?
Banking organizations
What does it govern?
BSA/AML compliance program structures
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No specific penalties are mentioned.
Jurisdiction
U.S. Federal Government