Dec 23, 2024 · WASHINGTON—The Office of the Comptroller of the Currency (OCC) today issued a cease-and-desist order (order) against Bank of America, N.A. (bank) for deficiencies related to its Bank Secrecy Act (BSA) and sanctions compliance programs. The OCC took this action based on violations and unsafe or unsound practices relating to these programs, including a failure to timely file suspicious ...

Dec 4, 2024 · The Bank Secrecy Act (BSA), 31 USC 5311 et seq establishes program, recordkeeping and reporting requirements for national banks, federal savings associations, federal branches and agencies of foreign banks.

the Bank’s pre-paid card and merchant processing partnership programs, and to achieve and maintain compliance with the BSA (“BSA/AML Internal Control Program”). Refer to the FFIEC Bank Secrecy Act/Anti-Money Laundering Examination Manual: “BSA/AML Internal Controls” (Rev. March 2020) for guidance.

Refer to the FFIEC Bank Secrecy Act/Anti-Money Laundering Examination Manual: “BSA/AML Training” (Rev. March 2020) and “Office of Foreign Assets Control” (Rev.

Jul 19, 2024 · Bank Secrecy Act (BSA) / Anti-Money Laundering (AML) Bulletins, Financial Crimes Enforcement Network (FinCEN) Advisories, & Related BASEL Information

OCC examiners review compliance with BSA as part of every exam cycle using the core and expanded examination procedures contained in the FFIEC’s Bank Secrecy Act/Anti-Money Laundering Examination Manual.

BANK SECRECY ACT (1) Within sixty (60) days of the date of this Order, the Board shall review, revise, and thereafter ensure Bank adherence to its written program of policies and procedures to provide for compliance with the BSA. The program shall include, but not be limited to: all corrective actions identified in the ROE (as defined in the ...

Sound decisions begin with timely, accurate, relevant, and complete information. A bank’s board of directors needs concise and relevant reports from a variety of sources to carry out its oversight responsibilities. Board oversight is critical to maintaining the bank’s operations in a safe and sound manner and the bank’s compliance with laws and regulations. Efective board oversight ...

The Bank Secrecy Act (BSA), 31 USC 5311 et seq establishes program, recordkeeping and reporting requirements for national banks, federal savings associations, federal branches and agencies of foreign banks.

OCC Bulletin 2011-9 | March 24, 2011 Bank Secrecy Act/Anti-Money Laundering: Guidance on Accepting Accounts From Foreign Embassies, Consulates and Missions