bank secrecy act / anti- money laundering (bsa/aml) compliance

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Risk Assessment – GeographicLocation• High-risk locations can be foreign or domestic.• Domestic high-risk geographic locations include:– High Intensity Drug Trafficking Areas (HIDTAs)• http://www.whitehousedrugpolicy.gov/hidta/– High Intensity Financial Crime Areas (HIFCAs)• www.irs.gov/compliance/enforcement/article/0,,id=107488,00.html#hifca• http://www.fincen.gov/le_hifcadesign.html• Michigan HIDTA counties:– Wayne, Macomb, Oakland, Washtenaw, Genesee, Kent,Kalamazoo, Allegan and Van Buren
INTERNAL CONTROLSWritten policies, procedures and practices mustbe designed to limit and control risks, and toachieve compliance with the BSA
Page 1 and 2: BANK SECRECY ACT / ANTI-MONEY LAUND
Page 3 and 4: BSA/AML Acronyms• BSA/AML - Bank
Page 5 and 6: BSA/AML Purpose• Purpose:- To hel
Page 7 and 8: Pre-Exam Review• Review of BSA da
Page 9 and 10: COMPLIANCE PROGRAMEvery credit unio
Page 11 and 12: Compliance Program• Made up of th
Page 13 and 14: Risk Assessment
Page 15 and 16: Risk Assessment - Risk Matrix• Pr
Page 17: Risk Assessment - Members• Who do
Page 21 and 22: Internal Controls• Board ultimate
Page 23 and 24: Internal Controls - MonitoringMembe
Page 25 and 26: CURRENCY TRANSACTIONREPORTSExaminer
Page 27 and 28: Internal Controls - ReportingCurren
Page 29 and 30: CTR - Entities Ineligible for Exemp
Page 31 and 32: Currency Transaction ReportsExempti
Page 33 and 34: Internal Controls - Reporting SAR
Page 35 and 36: Internal Controls - Reporting SARs
Page 37 and 38: Internal Controls - Reporting SARs
Page 39 and 40: Internal Controls - Recordkeeping
Page 41 and 42: Independent Testing• Should be co
Page 43 and 44: BSA Compliance Officer(s)• Must b
Page 45 and 46: Training• All staff whose duties
Page 47 and 48: CUSTOMER/MEMBERIDENTIFICATION PROGR
Page 49 and 50: INFORMATION SHARINGExaminer will as
Page 51 and 52: Information Sharing - 314(a) Reques
Page 53 and 54: Information Sharing - National Secu
Page 55 and 56: Penalties for BSA Violations• Ind
Page 57 and 58: OFAC• Requirements are separate a
Page 59 and 60: OFAC - Prohibited Transactions• P
Page 61 and 62: OFAC Program (Recommended)• Risk
Page 63: Resources• MCUL: www.mcul.org (In

bank secrecy act / anti- money laundering (bsa/aml) compliance

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