Introductory BSA AML Examiner School Manual Palm Springs 2019

Legislation

Establishment of a highly secure network by FinCEN for electronic filing of BSA reports. ■

The USA PATRIOT Act of 2001 (P.L. 107-56) , which is the United and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001, requires: Establishment of anti-money laundering compliance programs by all financial institutions. At minimum each program must include: policies procedures and controls; designation of a compliance officer; training; and an independent audit function. Establishment of a confidential communication system between government and the financial services industry. Implementation of customer identification procedures for new accounts. Enhanced due diligence for correspondent and private banking accounts maintained for non-U.S. persons. ■ ■ ■ ■

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