The federal
financial institutions regulatory agencies today issued Bank Secrecy Act
(B.S.A.) procedures for examining each domestic and foreign banking
organization’s customer identification program (CIP) which is required by
section 326 of the USA PATRIOT Act (codified in the B.S.A. at 31 U.S.C.
5318(l)). The procedures are designed
to help financial institutions fully implement the new CIP requirements and
facilitate a consistent supervisory approach among the federal financial
institutions regulatory agencies.
The USA
PATRIOT Act, signed into law on October 26, 2001, establishes new and enhanced
measures to prevent, detect, and prosecute money laundering and terrorism. The regulation implementing section 326 of
the Act requires each financial institution to implement a written CIP that
includes certain minimum requirements and is appropriate for its size and type
of business. The CIP must be
incorporated into the financial institution’s anti-money laundering compliance program,
which is subject to approval by the financial institution organization’s board
of directors.
Compliance with the regulation was required by October 1,
2003.
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Attachment
Media Contacts:
Federal Reserve Dave
Skidmore (202) 452-2955
FDIC David Barr (202) 898-6992
NCUA Cherie Umbel (703) 518-6330
OCC Kevin Mukri (202) 874-5770
OTS Erin Hickman (202)
906-6677