Summary:
As part of the FDIC's Community Banking Initiative, the FDIC is announcing the release of an updated technical assistance video on the Bank Secrecy Act (BSA), anti-money laundering (AML) requirements, and the Treasury Department's Office of Foreign Assets Control (OFAC) sanctions programs. The updated video provides an overview of current BSA/AML and OFAC requirements for directors of FDIC-supervised banks and savings associations.
Statement of Applicability to Institutions: This Financial Institution Letter applies to FDIC-supervised banks and savings associations.
Highlights:
- The FDIC is issuing updates to its technical assistance video for the BSA to assist directors to understand their compliance responsibilities.
- The updated video reflects changes in federal laws and regulations since it was originally released by the FDIC in 2013.
- Among other things, the updated video reflects the new beneficial ownership and customer due diligence requirements and related examination procedures as described in FIL 26-2018 dated May 11, 2018, titled: Bank Secrecy Act: Customer Due Diligence and Beneficial Ownership Examination Procedures .
- The updated BSA video can be accessed at: www.fdic.gov/regulations/resources/director/virtual/bsa.html
Distribution:
- FDIC-Supervised Banks (Commercial and Savings)
Suggested Routing:
- Board of Directors
- Chief Executive Officer
- BSA Compliance Officer
Paper copies of FDIC FILs may be obtained through the FDIC's Public Information Center, 3501 Fairfax Drive, Room E 1002, Arlington, VA 22226 (1-877-275-3342 or 703-562-2200).
Additional Related Topics:
- Anti-Money Laundering
- Counter-Terrorist Financing
- Office of Foreign Assets Control