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BSA and Related Regulations
Procedures for Monitoring BSA Compliance -12 CFR 21.21 requires every national bank to have a written, board approved program that is reasonably designed to assure and monitor compliance with the BSA. The program must, at a minimum:
Reports of Suspicious Activities - 12 CFR 21.11 requires every national bank to file a Suspicious Activity Report (SAR) when they detect certain known or suspected violations of federal law or suspicious transactions related to a money laundering activity or a violation of the BSA. A SAR filing is required for any potential crimes:
Links to BSA Related Statutes
Institutions of Primary Laundering Concerns - Section 5318A of the Bank Secrecy Act, as added by section 311 of the USA PATRIOT Act, authorizes the Secretary of the Treasury to designate a foreign jurisdiction, institution, class of transaction, or type of account as being of "primary money-laundering concern," and to impose one or more of five "special measures."
BSA Reporting Requirements
BSA-related reporting requirements for national banks are administered by the US Department of Treasury's Financial Crimes Enforcement Network (FinCEN).
The following FinCEN publications provide additional guidance and information to bankers: