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Today is: February 22, 2018  
 

Compliance Companion®
Standard Procedures Manuals (SPM)
 

Bank Secrecy Act Compliance May 2017


New SPM #21, Bank Secrecy Act Compliance provides a comprehensive discussion of the Bank Secrecy Act and other related laws and also the regulations issued by FinCEN and the federal banking agencies, all of which are designed to prevent money laundering and drug trafficking activities, as well as terrorist financing.

The topics covered include:

  • Bank Secrecy Act compliance program requirements, including the Five Pillars of Compliance and the customer due diligence and recent beneficial ownership rules;
  • BSA recordkeeping and reporting requirements, including Currency Transaction Reports (CTRs) and Suspicious Activity Reports (SARs);
  • Information-sharing rules under Section 314 of the USA PATRIOT Act;
  • Due diligence requirements for foreign correspondent and private banking accounts under Section 312 of the USA PATRIOT Act;
  • Prohibition against providing correspondent accounts to foreign shell banks;
  • General discussion of the BSA/AML Examination Manual;
  • California's anti-money laundering laws;
  • Providing banking services to high-risk businesses, such as money service businesses, third-party payment processors and marijuana-related businesses;
  • OFAC compliance issues; and
  • General requirements of the Unlawful Internet Gambling Enforcement Act of 2006
The text of this manual is 310 pages, plus 41 pages of appendices.

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