Bank Secrecy Act/Anti-Money Laundering: Interagency Statement for Banks on the Issuance of the Access Rule
December 21, 2023 / Source: OCC
Summary
The Office of the Comptroller of the Currency (OCC), the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the Financial Crimes Enforcement Network (FinCEN), the National Credit Union Administration, and state bank and credit union regulators1Â today issued the âInteragency Statement for Banks on the Issuance of the Access Rule.â The interagency statement follows FinCENâs issuance of the final Access Rule regarding access by authorized recipients to beneficial ownership information (BOI) that will be reported to FinCEN2Â and is intended to provide additional clarity for banks3Â on the Access Rule.
Note for Community Banks
The interagency statement applies to community banks.
Highlights
The interagency statement
- explains that the Access Rule does not necessitate changes to banksâ risk-based compliance programs designed to comply with the existing Customer Due Diligence Rule published in 2016 (CDD Rule).4
- clarifies that banksâ responsibilities under the CDD Rule and other Bank Secrecy Act (BSA) requirements remain unchanged.
- highlights that banks that decide to access the FinCEN BOI database are not required at this time to incorporate BOI obtained from the database into their risk-based BSA compliance programs.
- clarifies that the Access Rule does not create new regulatory requirements or supervisory expectations for banks.
Further Information
Please contact Eric Ellis, Director for Bank Secrecy Act/Anti-Money Laundering Policy, at (202) 649-5470.
Grovetta N. Gardineer
Senior Deputy Comptroller for Bank Supervision Policy
Related Links
- Interagency Statement for Banks on the Issuance of the Beneficial Ownership Information Access Rule (PDF)
- FinCENâs Access Rule
1Â As represented by the Federal Financial Institutions Examination Council State Liaison Committee.
2 FinCEN, âBeneficial Ownership Information Access and Safeguards.â
3Â âBanksâ refers collectively to national banks, federal savings associations, covered savings associations, and federal branches and agencies of foreign banking organizations.