BSA Policy – Basic Version
The purpose of this BSA Policy Template – Basic Version is to address measures used by a bank, credit union, or other type of financial institution to comply with the requirements of the Bank Secrecy Act (BSA).
Table of Contents
- Purpose and Contents – Topic 1
- Policy Statement – Topic 2
- Structure of Accountability – Topic 3
- Compliance Program and Structure – Topic 4
- Risk Management and Assessment – Topic 5
- Suspicious Activity Reporting – Topic 6
- Currency Transaction Reporting – Topic 7
- Currency Transaction Reporting Exemptions – Topic 8
- Information Sharing – Topic 9
- Monetary Instruments – Topic 10
- Funds Transfers and Recordkeeping Requirements – Topic 11
- Anti-Money Laundering Policy Reference – Topic 12
- Customer Identification Program Policy Reference – Topic 13
- Office of Foreign Assets Control Policy Reference – Topic 14
- Audit Policy – Topic 15
- Staff Training – Topic 16
- Penalties – Topic 17
- Retention of Documentation – Topic 18
Recent updates to this product:
FIN-2020-NTC4 – FinCEN Asks Financial Institutions to Stay Alert to COVID-19 Vaccine-Related Scams and Cyberattacks
FIN-2020-A007 – Advisory on Unemployment Insurance Fraud During the Coronavirus Disease 2019 (COVID-19) Pandemic
FIN-2020-A008 – Supplemental Advisory on Identifying and Reporting Human Trafficking and Related Activity
FIN-2020-A006 – Advisory on Ransomware and the Use of the Financial System to Facilitate Ransom Payments
FinCEN Final Rule: Financial Crimes Enforcement Network; Customer Identification Programs, Anti-Money Laundering Programs, and Beneficial Ownership Requirements for Banks Lacking a Federal Functioning Regulator
FIN-2020-Alert001 – FinCEN Alerts Financial Institutions to Convertible Virtual Currency Scam Involving Twitter
FIN-2020-A005 – Advisory on Cybercrime and Cyber-Enabled Crime Exploiting the Coronavirus Disease 2019 (COVID-19) Pandemic
FinCEN Guidance Regarding Due Diligence Requirements Under the Bank Secrecy Act for Hemp-Related Business Customers
FIN-2020-A003 – Advisory on Imposter Scams and Money Mule Schemes Related to Coronavirus Disease 2019 (COVID-19)
FIN-2020-A002 – Advisory on Medical Scams Related to the Coronavirus Disease 2019 (COVID-19)
FFIEC Press Release – Federal and State Regulators Release Updates to BSA/AML Examination Manual
Joint Release – Agencies Clarify Requirements for Providing Financial Services to Hemp-Related Businesses
FIN-2019-A006 – Advisory to Financial Institutions on Illicit Financial Schemes and Methods Related to the Trafficking of Fentanyl and Other Synthetic Opioids
Advisory of Illicit Activity Involving Convertible Virtual Currency – FIN-2019-A003
Federal Agencies Issue a Joint Statement on Banks and Credit Unions Sharing Resources to Improve Efficiency and Effectiveness of Bank Secrecy Act Compliance
Advisory on Human Rights Abuses Enabled by Corrupt Senior Foreign Political Figures and their Financial Facilitators – FIN-2018-A003
NOTE: This product is designed to provide the basic elements of the Bank Secrecy Act (BSA) and DOES NOT include detailed anti-money laundering (AML), customer identification (CIP), and OFAC guidance. Please refer to the Bank Secrecy Act Policy Template – Comprehensive Version which incorporates these and other key elements of BSA/AML regulatory guidance.
This Bank Secrecy Act Policy Template – Basic Version (approximately 122 pages) is available to purchase from BankPolicies.com in Microsoft® Word format.
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When updates are made you will receive detailed information regarding why the product was updated and what has changed within the product in our Product Update Notification e-mail correspondence. This enables you to make an informed decision on whether to make any changes to the policy or procedure you implemented for your financial institution from the revised template.
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