We have a new CEO and she is reviewing all items that go to the BOD. There is a question regarding the annual review of our BSA policy. They want regulations that specifically state that the policy be reviewed during a time period. Is there a specific time period in BSA regs for the policy review?

There is no specific review period as the BSA policy has to be approved and not reviewed. How often you choose to have the board reaffirm the policy when there have been no changes is a business decision, but most banks do it annually just so they don't have to argue with the examiners.

Thank you