Just what should I as BSA officer be doing right now in light of the USA Patriot Act? I've gotten bits and pieces but nothing I consider real definitive.
What agency requires state banks to have an Anti-Money Laundering Policy in place by April 24, 2002?
I understand that effective 4/24/02 each financial institution has to establish an Anti-Money Laundering program.Isn't the BSA Policy the same or does it have to be a separate Policy?
There is so much information and so little time to read. I am under the impression that there are quite a few changes that need to be made to our current BSA Policy, e.g. High Risk Assessment Accounts, Patriot Act, etc. The last time our policy was updated was March of 2001.
By Barbara E. Hurst, Editor
The Bush administration has unveiled a new strategy against money laundering, targeting big illicit operations that could be used by terrorist groups. How will the emphasis on money laundering implications affect community banks on a state and local level?
I understand one of the provisions of the USA PATRIOT Act requires covered financial institutions to produce records relating to its anti-money laundering compliance within 120 hours of request. Is this 120 actual hours or businesss hours.
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?
All bankers in all organizations are banding together to "vigorously support any effective measures that will help dry up the funds that terrorists depend on", as was included in a joint statement
We have been fortunate to count among our watch-dog supporters in Washington, Richard Small, who is considered to be the top anti-money laundering official in the government.