- Business Rules
Bank Secrecy Act Policy Manual
Do you need a policy to address the implementation of the Bank Secrecy Act? This comprehensive policy manual from AllRegs addresses and standards financial institutions need to adhere to for compliance with Bank Secrecy Act regulations and underlying regulations.
AllRegs offers document solutions for financial institutions to implement sound policies and procedures to protect against risk associated with money laundering activities. The AllRegs Bank Secrecy Act Policy Manual outlines the minimum requirements of the Bank Secrecy Act. It includes details regarding the FFIEC examination manual and guidelines for mitigating and preventing money laundering activities.
The Policy Manual features sections on the following:
- Bank Secrecy Act (BSA)
- Office of Foreign Asset Control (OFAC)
- Currency Transaction Report (CTR)3
- Anti-Money Laundering
- Suspicious Activity Reporting (SAR)
- Foreign Correspondent Accounts and Foreign Shell Banks
Several federal offices require implementation or access to this manual, including:
- The Board of Governors of the Federal Reserve System,
- The Office of the Comptroller of the Currency,
- The Board of Directors of the Federal Deposit Insurance Corporation,
- The Office of Thrift Supervision,
- The National Credit Union Administration,
- The Securities and Exchange Commission, or
- The Commodity Futures Trading Commission (as applicable)
The policy features the following benefits:
- Get a head start with well-designed and compliant policy.
- This policy manual is delivered via email within one business day after purchase
- Meet your regulatory or internal compliance requirements
- Affordable one-time purchase fees
Maintenance: Receive regular and ongoing industry updates to keep your policy within regulatory requirements.
Publishing: Publish your manual, including your company procedures, in AllRegs Online to complete your policy manual solution.
Contact your account manager for information regarding these optional services!
|1.1||Goals and Objectives||Mandatory Review||Include the point of view or culture of your organization in this section, if applicable.|
|1.2||Required Review||Mandatory Review||Be sure this accurately reflects your company’s annual policy review process.|
|2.1||Internal Controls||Mandatory Review||Include or reference related procedures in this section.|
|3||Staff and Training||Mandatory Review||Include the means by which your organization provides and tracks required training.|
|4.5.1||Penalties – Corporate||Mandatory Review||Modify this section to reflect your internal penalties affecting employees.|
|4.6.1||Customer Identification with Respect to Beneficial Ownership||Optional Enhancement||consider if you need to expand this for your institution’s reporting requirements regarding non-compliance or suspicious activities.|
|5.1||Customer Identification Program||Optional Enhancement||You may need to refine this to address your institution’s customer base and specific identification procedures.|
|6||Currency Transaction Report||Optional Enhancement||Your institution may not require the special considerations.|
|7||Anti-Money Laundering||Optional Enhancement||Your institution may not require the special considerations.|
|7.2||Red Flags||Recommended Best Practice||Edit this list with any indicators or events experienced by your organization or within your market area.|
|7.3||Responding to Red Flags||Mandatory Review||Revise this section to reflect your internal escalation process.|
|8||Suspicious Activity Reporting||Optional Enhancement||Your institution may not require the special considerations.|
|8.14||SAR Filing System||Mandatory Review||Modify this section to reflect your specific SAR filing procedures.|
|8.26||Agency Reporting Requirements||Optional Enhancement||Consider if you need to expand this for your institution’s reporting requirements regarding non-compliance or suspicious activities.|
|9||Foreign Correspondent Accounts and Foreign Shell Banks||Optional Enhancement||This section may not apply to many users and will need further development for those to which this does apply.|