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Product Updates June 2016

Product Updates for June 2016

The Product Updates for June 2016 from BankPolicies.com feature the following revised policy template products:

Bank Secrecy Act Policy Template – Comprehensive Version
Customer Identification Program Policy Template
New Accounts Policy Template

These products were revised in response to FinCEN’s final rule entitled “Customer Due Diligence Requirements for Financial Institutions” (beneficial ownership rule) which was published in the Federal Register on 05/11/16 that clarifies and strengthens customer due diligence requirements for banks, brokers or dealers in securities, mutual funds, and futures commission merchants and introducing brokers in commodities. The rules contain explicit customer due diligence requirements and include a new requirement to identify and verify the identity of beneficial owners of legal entity customers (beneficial ownership), subject to certain exclusions and exemptions.

As a reminder, the complete contents of the Customer Identification Program Policy Template are included within the Bank Secrecy Act Policy Template – Comprehensive Version as Topic 7.


Commercial Loan Policy Template
Oil and Gas Industry Loan Policy Template

These products were revised in response to OCC’s Bulletin 2016-9 that announced a revised “Oil and Gas Exploration and Production Lending” booklet which replaces the “Oil and Gas Production Lending” booklet issued in April 2014. The new booklet provides updated guidance on the risks inherent in lending to upstream oil and gas exploration and production companies and provides guidance on prudent risk management of this lending activity.

As a reminder, the complete contents of the Oil and Gas Industry Loan Policy Template are included within the Commercial Loan Policy Template as Topic 27.


Keeping You Informed

We provide this Product Update Blog as a courtesy to all clients regarding new and revised products released by BankPolicies.com.  We feel that it is important to keep our clients well informed of changes to the financial institution industry, including keeping on top of federal regulatory changes, and industry recommended best practices.  In this regard, we encourage you to subscribe to our Product Update Notification List in which these types of announcements are made including any special offers that can save you time and money.  Just send an e-mail to our [email protected] address in order to be added to our distribution list.