Bank Secrecy Act Update

Bank Secrecy Act Policy Template Update - 11/30/06

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

This product was revised in response to the Federal Financial Institutions Examination Council (FFIEC) Advisory dated November 9, 2006 alerting financial institutions to some of the potential money laundering risks associated with providing financial services to shell companies.

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

What's Revised

Topic 18 - Anti-Money Laundering Policy. A new subtopic entitled "Shell Companies, Agents and Nominee Incorporation Services" was added to include the following subject matter:

Shell Companies

Agent and Nominee Incorporation Services

Risk Management Considerations

Mitigating the Risks Associated with Shell Companies

Product Contents

Purpose and Contents - Topic 1

Policy Description, Authority and Scope - Topic 2

Definitions - Topic 3

Risk Management and Assessment - Topic 4

Currency Transaction Reporting - Topic 5

Certification of CTR - Topic 6

Exemptions - Topic 7

New Exemption - Topic 8

Certification of Exemption List - Topic 9

Requests for Information - Topic 10

Suspicious Transactions - Topic 11

Currency and Foreign Transaction Reporting - Topic 12

Identification for Elderly or Disabled People - Topic 13

Monetary Log Guidelines - Topic 14

Certification of Monetary Logs - Topic 15

Funds Transfer System - Topic 16

Reports of Crimes and Suspected Crimes - Topic 17

Anti-Money Laundering Policy - Topic 18

Know Your Customer Policy - Topic 19

Customer Identification Program Policy - Topic 20

OFAC Policy - Topic 21

Money Services Business Guidelines - Topic 22

Audit Policy - Topic 23

Staff Training - Topic 24

Penalties - Topic 25

Retention of Records - Topic 26

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:

$475.00 - List Price

- or -

$25.00* - Update Price

*Applies only to clients who have purchased our Bank Secrecy Act Policy Template including the following prior updates:

Bank Secrecy Act Policy Template Update - 09/12/06 - $150.00

Bank Secrecy Act Policy Template Update - 01/12/06 - $25.00

Bank Secrecy Act Policy Template Update - 09/14/05 - $50.00

Bank Secrecy Act Policy Template Update - 04/26/05 - $50.00

If you have ordered this product after 10/30/06 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 list or update 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.