Money Laundering Contact Person

Question:

The Uniting and Strengthening America Act recently signed by President Bush requires institutions to name one contact person on money laundering and also requires institutions to establish anti-money laundering programs. My question is, are regulators going to be looking for a specific money laundering policy or will its inclusion in our BSA policy be sufficient?

Answer:

Including specific practices as they relate to money laundering within your BSA policy should suffice. And because states may implement stricter regulations than exist at the federal level, contact your state's examining agency with this same question. Then ask the person who provides the answer to provide you with a document that you may show examiners -- the next time they visit you.

First published on BankersOnline.com 1/7/02