§ 208.63. Procedures for monitoring Bank Secrecy Act compliance.
280 words·~1 min read·
/us/cfr/t12/s§ 208.63·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(a)Purpose. This section is issued to assure that all state member banks establish and maintain procedures reasonably designed to assure and monitor their compliance with the provisions of the Bank Secrecy Act (31 U.S.C. 5311, et seq.) and the implementing regulations promulgated thereunder by the Department of Treasury at 31 CFR part 103, requiring recordkeeping and reporting of currency transactions.
(b)Establishment of BSA compliance program—(1) Program requirement. Each bank shall develop and provide for the continued administration of a program reasonably designed to ensure and monitor compliance with the recordkeeping and reporting requirements set forth in subchapter II of chapter 53 of title 31, United States Code, the Bank Secrecy Act, and the implementing regulations promulgated thereunder by the Department of the Treasury at 31 CFR part 103. The compliance program shall be reduced to writing, approved by the board of directors, and noted in the minutes.
(2)Customer identification program. Each bank is subject to the requirements of 31 U.S.C. 5318(l) and the implementing regulation jointly promulgated by the Board and the Department of the Treasury at 31 CFR 103.121, which require a customer identification program to be implemented as part of the BSA compliance program required under this section.
(c)Contents of compliance program. The compliance program shall, at a minimum:
(1)Provide for a system of internal controls to assure ongoing compliance;
(2)Provide for independent testing for compliance to be conducted by bank personnel or by an outside party;
(3)Designate an individual or individuals responsible for coordinating and monitoring day-to-day compliance; and
(4)Provide training for appropriate personnel. [63 FR 37655, July 13, 1998, as amended at 68 FR 25111, May 9, 2003]
Connections45 cite this · traces to 2
Cited by 45 sections · top 28
CFR
register
- NoticesInterim final rule
- NoticesNotice; final guidance
- Proposed RulesAdvance notice of proposed rulemaking
- NoticesSECURITIES AND EXCHANGE COMMISSION
- Proposed RulesNotice of regulatory review; request for comments
- NoticesNotice and request for comments
- NoticesNotice, request for comment
- Rules and RegulationsProposed rule
- NoticesSECURITIES AND EXCHANGE COMMISSION
- NoticesNotice
- NoticesNotice; request for comment
- Proposed RulesNotice of proposed rulemaking
- NoticesJoint final rule
- Rules and RegulationsJoint notice of proposed rulemaking
- NoticesNotice and request for comments
- Proposed RulesRegulatory review; request for comments
- Proposed RulesNotice of proposed rulemaking
- Proposed RulesNotice of proposed rulemaking
- NoticesNotice and request for information and comment
- NoticesBoard of Governors of the Federal Reserve System
- Rules and RegulationsFinal rule
- Rules and RegulationsFinal rule
- NoticesNotice, request for comment
- Proposed RulesJoint notice of proposed rulemaking
- NoticesBoard of Governors of the Federal Reserve System
- NoticesNotice and request for information and comment
Traces to 2 documents
2 references not yet in our index
- 31 CFR 103
- 31 CFR 103.121
Citation graph
cites case law
§ 208.63
Procedures for monitoring Bank Secrecy Act compliance.
Fed. Reg.×43
C.F.R.×2
Cite31 CFR 103
Cite31 CFR 103.121
Cites 4Cited by 45 across 2 sources