Thread Options
#2252417 - 04/15/21 04:00 PM BSA resources for Trust Companies???
CaseyJones Offline
Member
CaseyJones
Joined: Apr 2015
Posts: 79
Well I've transitioned to the trust industry and thought I had gotten past some of the regulatory ties of the banking world. Oh to my surprise to learn that independent trust companies are required to comply with BSA and AML as of March 15th this year.

Would anyone here be able to point me to any resources on BSA specifically related to Trust companies?

(I know I am keeping this question very broad, and we do have some basics of BSA, but I want to identify as many potential resources of information as possible)

Thanks!

Return to Top
BSA/AML/CIP/OFAC Forum
#2252419 - 04/15/21 04:15 PM Re: BSA resources for Trust Companies??? CaseyJones
Adam Witmer Offline
Power Poster
Joined: Sep 2010
Posts: 2,572
The Federal Register publication of your new requirements is here: https://www.federalregister.gov/doc...-programs-anti-money-laundering-programs

The go-to tool for most BSA professionals is the FFIEC BSA/AML handbook, which can be found here: https://bsaaml.ffiec.gov/manual
_________________________
Adam Witmer, CRCM

All statements are my opinion, not those of my employer, and should not be taken as legal advice.
www.compliancecohort.com

Return to Top
#2252605 - 04/19/21 05:06 PM Re: BSA resources for Trust Companies??? Adam Witmer
CaseyJones Offline
Member
CaseyJones
Joined: Apr 2015
Posts: 79
Appreciate the links!

Return to Top
#2252784 - 04/22/21 01:19 PM Re: BSA resources for Trust Companies??? CaseyJones
Cornfed Turtle Offline
Diamond Poster
Joined: Mar 2006
Posts: 1,323
"...Somewhere in Middle Americ...
Casey:

Same here! I'd appreciate your sharing anything that you find helpful and I will do the same. Just found it funny that I'm reading BSA again.

Good move for me though.

Turtle

Return to Top
#2252787 - 04/22/21 01:58 PM Re: BSA resources for Trust Companies??? CaseyJones
ACBbank Offline
Power Poster
ACBbank
Joined: Jul 2006
Posts: 3,959
New York City
Maybe I'm mistaken but what differences would there be? I don't think the requirements for regulated financial institutions vary that much. Any differences from a trust to a bank would be based on the risk profile of the trust. You may not except cash so CTRs wouldn't be applicable but the requirement to file one is still there.
_________________________
"100 victories in 100 battles isnt the most skillful. Subduing the other's military w/o battle is the most skillful." Sun-Tzu

Return to Top

Moderator:  Andy_Z