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Swaziland Banks Face String of Regulations under Bank Secrecy Act

The Bank Secrecy Act (BSA) has introduced a program, record-keeping, and reporting requirements for commercial banks in Swaziland. According to the Office of the Comptroller of the Currency’s (OCC) implementing regulations, every bank is required to adopt a customer identification program as part of its BSA compliance program.

Compliance Requirements

Under the BSA, national banks and savings associations must have:

• A written, board-approved program that is reasonably designed to assure and monitor compliance with the Act
• A system of internal controls to ensure ongoing compliance
• Independent testing for compliance
• Designation of an individual responsible for coordinating and monitoring day-to-day compliance
• Training for appropriate personnel

Reporting Requirements

Banks are required to file:

• Suspicious Activity Reports (SARs): when they detect certain known or suspected violations of federal law or suspicious transactions related to money laundering activities or BSA violations. These reports must be filed electronically through the BSA E-Filing System.
• Reports administered by the US Department of Treasury’s Financial Crimes Enforcement Network (FinCEN):
  • Currency Transaction Report (CTR)
  • Report of International Transportation of Currency or Monetary Instruments (CMIR)
  • Report of Foreign Bank and Financial Accounts (FBAR)
  • Suspicious Activity Report (SAR)
  • Designation of Exempt Person Form

Guidance from the OCC

The OCC has provided guidance to bankers through publications such as:

• Frequently Asked Questions Regarding the FinCEN Currency Transaction Report (CTR)
• Frequently Asked Questions Regarding the FinCEN Suspicious Activity Report (SAR)

These reports provide insight into SAR activity, trends, tips, and issues related to BSA compliance.