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Can you summarize IRM 4.26.1?
Bank Secrecy Act > Introduction and Program Structure
Short Summary
This document, part of the IRS - Internal Revenue Manuals, focuses on the regulatory and organizational structure of the IRS SB/SE Bank Secrecy Act (BSA) examination program. It applies to SB/SE Specialty BSA and can be referenced by all other divisions of the IRS. The purpose of this document is to provide an overview of the BSA exam authority delegated to the IRS, which helps ensure that financial institutions are following BSA laws and regulations. The primary stakeholders for this document include BSA Exam Case Selection, Specialty Examination, and SB/SE Examination Quality & Technical Support. The document outlines the goals and objectives of the Bank Secrecy Act (BSA) program, which aims to detect violations of and increase compliance with the BSA as part of the Department of Treasury’s national anti-money laundering efforts. The IRS conducts BSA and IRC 6050I examinations to ensure the establishment and implementation of appropriate BSA programs and compliance with anti-money laundering program, recordkeeping, and reporting requirements. The document emphasizes the importance of balancing the BSA and IRC 6050I programs, ensuring geographic and industry coverage, coordinating with other business operating divisions and regulatory agencies, leveraging available resources, providing adequate training, assigning responsibility, measuring results, and setting milestones. The document also mentions the availability of internal and external sources of information to assist examiners in accomplishing program goals.
Whom does it apply to?
SB/SE Specialty BSA, all other divisions of the IRS
What does it govern?
Regulatory and organizational structure of the IRS SB/SE Bank Secrecy Act (BSA) examination program
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
Not specified.
Jurisdiction
U.S. Federal Government