Bank Secrecy Act (BSA)
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 Related 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 BSA was amended to incorporate the provisions of the USA
PATRIOT Act which 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 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.
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.
Links to Other Regulators and U.S. Government Agencies
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