BSA Policy Update

BSA Policy Update - 09/14/05

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

The update to this product is in response to the FFIEC's recently released Bank Secrecy Act/Anti-Money Laundering Examination Manual which ensures consistent application of auditing efforts across all banking organizations regardless of size and lines of business. Although the manual is not intended to set new standards or impose additional requirements for regulatory compliance, it does provide narrative guidance and resource materials when evaluating a financial institution's BSA/AML compliance program.

http://www.occ.treas.gov/pubs1.htm

What's Revised

Topic 1 - Purpose and Contents. This topic was revised to include an additional topic entitled "Risk Management" and a revision to the general policy descriptions and expectations of staff compliance.

Topic 2 - Policy Description, Authority and Scope. This topic was expanded to include additional bank goals, BSA Officer responsibility, and a more detailed description of CTR filing compliance.

Topic 3 - Risk Management. This new topic was incorporated to provide a general statement of a financial institution's BSA/AML risk management program, including a description of banking operations and background, customer base, and products and services offered.

Topic 4 - Definitions. This topic was expanded to include additional CIP and AML definitions.

Topic 7 - New Exemption. This topic was amended to enhance the procedures for branch staff when filing a new designation of exempt person.

Topic 8 - Certification of Exemption List. This topic was revised to better clarify exemption review procedures for branch staff operations.

Topic 9 - Currency Transaction Reporting. This topic was expanded to include more detailed responsibilities for branch staff and the BSA Officer.

Topic 10 - Currency and Foreign Transaction Reporting. This topic now includes a technical correction to the description of the Report of International Transportation of Currency or Monetary Instruments and Report of Foreign Bank Financial Accounts.

Topic 18 - Report of Crimes and Suspected Crimes. This topic was amended to include additional procedural guidance for suspicious activity definitions and monitoring.

Topic 20 - Anti-Money Laundering Policy. This topic was revised to expand upon the "Risk Analysis" and "Monitoring High Risk Entities" subtopics, and the inclusion of a new "Penalties" subtopic.

Topic 22 - Customer Identification Program Policy. This topic provides additional guidance under the "Risk Management" subtopic and the inclusion of new account risk matrix tables. The subtopic "Procedures for Verification of Identity" was expanded to include a new easier to reference accountholder matrix table by customer type (individual, family trust, sole proprietor, general or limited partnership, limited liability partnership, joint venture, limited liability company, or corporation). A new subtopic entitled "Signatories on Business Accounts" was added to provide procedures for branch operations staff to properly identify all signers on business accounts. The subtopic "Account Opening Procedures" was reduced to eliminate redundancy of subject matter covered under the "Procedures for Verification of Identity" subtopic.

Topic 25 - Retention of Records, was expanded to include a more defined list of documents to be retained.

Ordering Information

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

$425.00 - List Price

- or -

$50.00 - Update Price (applies only to clients who have previously purchased our Bank Secrecy Act Template product)

If you have ordered this product within the past 30 days since 09/14/05 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).

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Find Out What's New with our Product Update Program

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How does it work? Clients who previously purchased the product are offered an "update" via e-mail at a substantial discount off the current list price, whereas clients who have not are provided an opportunity to get it hot off the press! Additionally, clients who have ordered the product from us within the past 30 days are eligible to receive the update for free!

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