Financial Crime World

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Georgia’s Bank Secrecy Laws Under Scrutiny

The Office of the Comptroller of Currency (OCC) has outlined regulations and guidelines to ensure national banks operating in Georgia have robust measures in place to detect and prevent money laundering, terrorist financing, and other criminal activities.

Compliance with Bank Secrecy Act (BSA)

According to the OCC, regular examinations are conducted on national banks, federal savings associations, and foreign bank agencies in the United States to determine compliance with the Bank Secrecy Act (BSA). The BSA establishes program, recordkeeping, and reporting requirements for financial institutions to prevent money laundering and terrorist financing.

Requirements for Financial Institutions

Under the BSA, financial institutions operating in Georgia are required to:

  • Establish effective customer due diligence systems
  • Screen against Office of Foreign Assets Control lists
  • Develop risk-based anti-money laundering programs
  • Report suspicious activity to regulatory agencies within 30 days of initial detection

OCC Guidelines and Resources

The OCC has also issued guidelines for financial institutions to utilize law enforcement tools and resources, including:

  • BSA/AML bulletins
  • FinCEN advisories
  • Related Basel information

The agency encourages innovative approaches to meet compliance obligations and strengthen the financial system against illicit activities.

Combating Terrorism Financing

Georgia banks play a critical role in combating the financing of terrorism by identifying and reporting suspicious activity as required under the BSA. Resources are available to assist financial institutions in this effort.

Additional Guidance and Updates

The OCC has also issued statements on related topics, including:

  • Guidelines for community banks on developing third-party risk management practices
  • Updates to the FFIEC BSA/AML Examination Manual

Prioritizing Compliance

As Georgia’s financial sector continues to evolve, it is essential that national banks operating in the state prioritize compliance with bank secrecy laws to maintain public trust and prevent criminal activities.