Product Updates March 2017

BankPolicies.com is providing you with these product updates as a courtesy to all of our clients. If you have any questions, please contact us.

Revised Policy Templates

Bank Secrecy Act Policy Template – Comprehensive Version

Office of Foreign Assets Control Policy Template

The update to these product is in response to the FinCEN’s news release entitled “Inflation Adjustment of Civil Monetary Penalties“ dated 02/10/17 that publishes a final rule to adjust its civil monetary penalties (“CMPs”) for inflation as mandated by the Federal Civil Penalties Inflation Adjustment Act of 1990, as amended by the Federal Civil Penalties Inflation Adjustment Act Improvements Act of 2015 (collectively referred to herein as “the Act”).  This rule adjusts CMPs within the jurisdiction of certain components of the Department to the maximum amount required by the Act.