Combating Money Laundering and Terrorist Financing
The OCC prescribes regulations, conducts supervisory activities and, when necessary, takes enforcement actions to ensure
that national banks have the necessary controls in place and provide the requisite notices to law enforcement to deter and
detect money laundering, terrorist financing and other criminal acts and the misuse of our nation's financial institutions.
Anti-Terrorist Financing
The OCC encourages national banks to cooperate with law enforcement in the investigation and reporting of potential
terrorist activity in the United States. A number of hotlines and resources are available to bankers to help in this effort.
Bank Secrecy Act (BSA) and USA PATRIOT Act Regulations
The Bank Secrecy Act (BSA), 31 CFR 103
establishes program, recordkeeping and reporting requirements for national banks, federal branches and agencies of foreign banks. The OCC's implementing
regulations are found at
12 CFR 21.11
and 12 CFR 21.21. The USA PATRIOT Act requires every bank to
adopt a customer identification program
as part of its BSA compliance program.
Bank Secrecy Act Supervisory Programs
The OCC conducts regular examinations of national banks and federal branches and agencies of foreign
banks in the U.S. to determine compliance with the BSA.
Bank Secrecy Act Enforcement Policies and Actions
The OCC uses informal and formal enforcement actions to ensure national banks' compliance with BSA. Under a
memorandum
of understanding between the U.S. banking agencies and the U.S. Department of Treasury's Financial Crimes Enforcement Network (FinCEN), the OCC
will promptly notify FinCEN of significant BSA violations or deficiencies.
Bank Secrecy Act Reporting Forms and Requirements
National banks, federal branches and agencies are required to submit various reports to the government, including
Currency Transaction Report, Report of International Transportation of Currency or Monetary Instruments, and Suspicious Activity Reports.
BSA High Risk Designations, OCC Alerts, FinCEN Advisories, and OFAC Lists
The OCC and the U.S. Department of Treasury periodically issue alerts, advisories and rulemakings concerning
institutions or individuals who may be engaged in fraudulent activities or be deemed to be of high-risk for money laundering or terrorist financing
activities.
BSA Guidance for Bankers and Examiners
The OCC and other financial regulators periodically issue
additional guidance and tools for bankers and examiners.
Links to Other Regulators
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