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Federal Regulators Crack Down on Money Laundering and Terrorist Financing

The Office of the Comptroller of the Currency (OCC) is taking a tough stance on money laundering and terrorist financing by national banks in the United States. The agency is prescribing regulations, conducting supervisory activities, and taking enforcement actions to ensure that these institutions have robust controls in place to detect and prevent illicit financial activity.

BSA Examinations

The OCC conducts regular examinations of national banks, federal savings associations, federal branches, and agencies of foreign banks in the US to determine compliance with the Bank Secrecy Act (BSA). The agency’s implementing regulations are found at 12 CFR 21.11 and 12 CFR 21.21.

BSA Law Enforcement Tools and Resources

In addition to relying on information filed by banks, US law enforcement agencies provide financial institutions with access to resources and tools to strengthen their Bank Secrecy Act/Anti-Money Laundering (BSA/AML) risk management programs.

Counter-Terrorist Financing

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

Money Laundering

Criminals have long used money-laundering schemes to conceal or “clean” the source of fraudulently obtained or stolen funds. Money laundering poses significant risks to the safety and soundness of the US financial industry, as well as the nation’s security.

BSA Compliance Requirements

Under the Bank Secrecy Act and related anti-money laundering laws, banks must:

Establish effective BSA compliance programs
Establish effective customer due diligence systems and monitoring programs
Screen against Office of Foreign Assets Control (OFAC) and other government lists
Establish an effective suspicious activity monitoring and reporting process
Develop risk-based anti-money laundering programs

Suspicious Activity Reports

Financial institutions are required to file Suspicious Activity Reports (SARs) with the OCC within 30 calendar days after initial detection of facts that may constitute a basis for filing.

Amendments to the BSA

The USA Patriot Act amended the BSA, requiring every bank to adopt a customer identification program as part of its BSA compliance program.

Agencies Issue Guide to Assist Community Banks in Developing Third-Party Risk Management Practices
OCC Issues Statement on the Issuance of the Access Rule for Bank Secrecy Act/Anti-Money Laundering Compliance
OCC Updates Sections of the FFIEC BSA/AML Examination Manual

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