Financial Crime World

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Anti-Money Laundering Laws by Country in the United States

In a bid to combat money laundering and terrorist financing, the Office of the Comptroller of the Currency (OCC) has implemented regulations and conducts supervisory activities to ensure that national banks have the necessary controls in place. The OCC also takes enforcement actions when necessary to deter and detect criminal acts.

Bank Secrecy Act Regulations

The Bank Secrecy Act (BSA), 31 USC 5311 et seq, establishes program, recordkeeping, and reporting requirements for national banks, federal savings associations, federal branches, and agencies of foreign banks. The OCC’s implementing regulations are found at:

  • 12 CFR 21.11
  • 12 CFR 21.21

Resources for Strengthening BSA/AML Risk Management Programs

Financial institutions can utilize resources and tools provided by the U.S. Department of Treasury and other government agencies to strengthen their Bank Secrecy Act/Anti-Money Laundering (BSA/AML) risk management programs. These include:

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

Role of U.S. Banks in Combating Terrorism Financing

U.S. banks play a key role in combating the financing of terrorism by implementing effective customer due diligence systems and monitoring programs. They must also:

  • Screen against Office of Foreign Assets Control (OFAC) and other government lists
  • Establish an effective suspicious activity monitoring and reporting process

Suspicious Activity Reporting

Under the BSA, financial institutions are required to file Suspicious Activity Reports (SAR) no later than 30 calendar days after the date of initial detection of facts that may constitute a basis for filing a SAR. They must also:

  • Assist U.S. government agencies in detecting and preventing money laundering
  • Keep records of cash purchases of negotiable instruments
  • File reports of cash transactions exceeding $10,000 (daily aggregate amount)
  • Report suspicious activity

Recent Developments

Recent developments include the issuance of a guide to assist community banks in developing and implementing third-party risk management practices and updates to the FFIEC BSA/AML Examination Manual.