BSA Policy Update

Bank Secrecy Act Policy Template Update 09/12/06 Detail

Topic 18 - Anti-Money Laundering Policy. Formerly Topic 20, the first paragraph of the "Information Sharing with Federal Agencies" subtopic was revised to include greater detail of the requirements.

Topic 19 - Know Your Customer Policy. Formerly Topic 21, no changes.

Topic 20 - Customer Identification Program Policy. A paragraph was added to Item 4 (B) under the "Minimum Identity Verification Standards" stating the requirements of filing a W-8 form for a non-U.S. person.

The following subtopics were added to provide greater detail:

Rules for Politically Exposed Persons

Rules for Embassy and Foreign Consulate Accounts

Rules for Professional Service Provider Accounts

Rules for Non-Governmental Organization and Charity Accounts

Rules for Cash Intensive Businesses

The subtopics of "Audit Policy" and "Staff Training" now reference the main topics of the policy to eliminate redundancy.

Topic 21 - OFAC Policy. At the request of numerous clients we incorporated the complete text of our Office of Foreign Asset Control Policy Template product into this topic which includes the following subtopics:

Policy Statement

OFAC Background, Enforcement and Penalties

Definitions

Structure of Accountability

Risk Management

Screening and Blocking Processes

Rejecting Transactions

Automated Clearing House Transactions

Department Policies and Procedures

Audit Policy

Staff Training

Retention of Documentation

Topic 22 - Money Services Business Guidelines. Formerly Topic 24, no changes.

Topic 23 - Audit Policy. Formerly Topic 19, this topic was completely revised to mirror regulatory guidance.

Topic 24 - Staff Training. Formerly Topic 5, the "General" topic was revised to incorporate additional minimum requirements.

A "Board of Directors" subtopic was added to provide specific training requirements for a financial institution's board of directors.

Ordering Information

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

$475.00 - List Price

- or -

$150.00* - Update Price

*Applies only to clients who have purchased our Bank Secrecy Act Policy Template in addition to the following prior updates (if applicable):

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 08/12/06 you are eligible to receive the updated product at no charge.

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