FIL: Bank Secrecy Act: Bank Secrecy Act Technical Assistance Video Updated
January 2, 2019 / Source: FDIC
Financial Institution Letters
December 28, 2018
Bank Secrecy Act
Bank Secrecy Act Technical Assistance Video Updated
Printable Format: FIL-90-2018 – PDF (PDF Help)
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.
- 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
FDIC-Supervised Banks (Commercial and Savings)
Board of Directors
Chief Executive Officer
BSA Compliance Officer
Bank Secrecy Act
Office of Foreign Assets Control
Anti-Money Laundering Specialist Natalie Noyes at [email protected] or (202) 898-3673
FDIC Financial Institution Letters (FILs) may be accessed from the FDIC's website at www.fdic.gov/news/news/financial/.
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