Bank Secrecy Act Policy Update Details

Product Update Notification - 12/07/09

What's Revised

Topic 4 - Risk Management and Assessment. The following changes were made to the bullet points of the "Quantity of Risk Standards" subtopic:

1 (Low Risk Financial Institution Standards) - New bullet points O - T were added.

2 (Moderate Risk Financial Institution Standards) - New bullet points P - U were added.

3 (High Risk Financial Institution Standards) - New bullet points P - U were added.

Topic 20 - OFAC Policy. The following changes were made to the "OFAC Background, Enforcement and Penalties" subtopic:

First paragraph of bullet point 3 (Types of Responses to Apparent Violations) was deleted. In addition, bullet points 3D (Finding of Violation) and E (Civil Monetary Penalty) were revised.

The last paragraph (Management Involvement) of bullet point 4 (General Factors Affecting Administrative Action) was revised. In addition, the last paragraph of bullet point 4D (Sanctions History) was revised.

Bullet Point 5 (Periodic Institutional Review) was deleted and replaced by "Civil Penalties for Failure to Furnish Information or Keep Records" (formerly bullet point 6).

Bullet point 6 (Civil Penalties) was completely revised.

Bullet point 7 (Criminal Penalties) was deleted.

In addition, the "Voluntary Self Disclosure" definition was revised within the "Definitions" subtopic.

Ordering Information

This 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 the Bank Secrecy Act Policy Template within the last three years including the following updates (if applicable):

Bank Secrecy Act Policy Template Update - 06/22/09 - $25.00

Bank Secrecy Act Policy Template Update - 12/15/08 - $50.00

Bank Secrecy Act Policy Template Update - 09/30/08 - $75.00

Bank Secrecy Act Policy Template Update - 09/27/07 - $100.00

Bank Secrecy Act Policy Template Update - 06/19/07 - $25.00

If you have ordered this product after 11/07/09 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.

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