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FIL: Bank Secrecy Act: Bank Secrecy Act Technical Assistance Video Updated

January 02, 2019 / Source: FDIC

Financial Institution Letters

FIL-90-2018
December 28, 2018

Bank Secrecy Act

Bank Secrecy Act Technical Assistance Video Updated

Printable Format: FIL-90-2018 - PDF (PDF Help)

Summary:

As part of the FDIC's Community Banking Initiative, the FDIC is announcing the release of an updated technical assistance video on the Bank Secrecy Act (BSA), anti-money laundering (AML) requirements, and the Treasury Department's Office of Foreign Assets Control (OFAC) sanctions programs. The updated video provides an overview of current BSA/AML and OFAC requirements for directors of FDIC-supervised banks and savings associations.

Statement of Applicability to Institutions: This Financial Institution Letter applies to FDIC-supervised banks and savings associations.

Highlights:

  • The FDIC is issuing updates to its technical assistance video for the BSA to assist directors to understand their compliance responsibilities.
  • The updated video reflects changes in federal laws and regulations since it was originally released by the FDIC in 2013.
  • Among other things, the updated video reflects the new beneficial ownership and customer due diligence requirements and related examination procedures as described in FIL 26-2018 dated May 11, 2018, titled: Bank Secrecy Act: Customer Due Diligence and Beneficial Ownership Examination Procedures.
  • The updated BSA video can be accessed at: www.fdic.gov/regulations/resources/director/virtual/bsa.html

Distribution:

FDIC-Supervised Banks (Commercial and Savings)

Suggested Routing:

Board of Directors

Chief Executive Officer

BSA Compliance Officer

Related Topics:

Bank Secrecy Act

Anti-Money Laundering

Counter-Terrorist Financing

Office of Foreign Assets Control

Contact:

Anti-Money Laundering Specialist Natalie Noyes at AML@FDIC.gov or (202) 898-3673

Note:

FDIC Financial Institution Letters (FILs) may be accessed from the FDIC's website at www.fdic.gov/news/news/financial/.

To receive FILs electronically, please visit www.fdic.gov/about/subscriptions/fil.html.

Paper copies of FDIC FILs may be obtained through the FDIC's Public Information Center, 3501 Fairfax Drive, Room E 1002, Arlington, VA 22226 (1-877-275-3342 or 703-562-2200).