BSA Policy Update

BSA Policy Update - 01/12/06

Bankpolicies.com is proud to announce the immediate availability of our revised Bank Secrecy Act Policy Template product.

The revision to this product is in response to the FinCEN News Release "Final Regulation Implementing Section 312 of the USA PATRIOT Act Announced" dated 12/21/05. This final regulation implements the international correspondent banking provisions and the private banking provisions of Section 312 of the USA PATRIOT Act. The final rule requires certain U.S. financial institutions to apply due diligence to correspondent accounts maintained for certain foreign financial institutions.

The final rule takes effect within 90 days for new accounts opened by U.S. financial institutions and 270 days for existing accounts from the date the regulation is published in the Federal Register. The rules will be published in the Federal Register shortly after the beginning of 2006.

http://www.fincen.gov/section312.pdf

What's Revised

Topic 3 - Definitions. Several definitions related to foreign correspondent and private banking accounts were added from the final rule.

Topic 20 - Anti-Money Laundering Policy. The "Foreign and High Risk Correspondent Accounts" and "Private Banking Accounts" subtopics were revised based upon the final rule.

Product Contents

Purpose and Contents - Topic 1

Policy Description, Authority and Scope - Topic 2

Risk Management - Topic 3

Definitions - Topic 4

Staff Training - Topic 5

Exemptions - Topic 6

New Exemption - Topic 7

Certification of Exemption List - Topic 8

Currency Transaction Reporting - Topic 9

Certification of CTR - Topic 10

Requests for Information - Topic 11

Suspicious Transactions - Topic 12

Currency and Foreign Transaction Reporting - Topic 13

Identification for Elderly or Disabled People - Topic 14

Monetary Log Guidelines - Topic 15

Certification of Monetary Logs - Topic 16

Funds Transfer System - Topic 17

Reports of Crimes and Suspected Crimes - Topic 18

Audit Policy - Topic 19

Anti-Money Laundering Policy - Topic 20

Know Your Customer Policy - Topic 21

Customer Identification Program Policy - Topic 22

Money Services Business Guidelines - Topic 23

Penalties - Topic 24

Retention of Records - Topic 25

Includes the following Form Templates:

BSA Checklist for Funds Transfers - 1 page

BSA Checklist for High Risk Accounts - 1 page

BSA CIP Loan Applicant Information - 1 page

BSA Exemption Form - 1 page

BSA Money Services Business Checklist - 2 pages

BSA Money Services Business Questionnaire - 3 pages

BSA SAR Incident Report - 2 pages

Ordering Information

This revised product is available to purchase from Bankpolicies.com for:

$425.00 - List Price

- or -

$25.00 - Update Price*

*Applies only to clients who have purchased our Bank Secrecy Act Policy Template, including the purchase of the following prior updates (if applicable):

Bank Secrecy Act Policy Template Update - 09/14/05

Bank Secrecy Act Policy Template Update - 04/26/05

If you have ordered this product after 12/12/05 you are eligible to receive the Product Update at no charge.

Click here to place an order for this product. Clients who are eligible for our Legacy Rewards Volume Discount can apply their applicable discount level to the upgrade or list price (whichever applies).

NOTE: Refer to our Place an Order page for important information regarding payment terms and our return policy. Orders placed for Product Updates are only available directly through Bankpolicies.com.