Bank Secrecy Act/Anti-Money Laundering interagency outreach events.The federal banking and thrift institution agencies, along with the Financial Crimes Enforcement Network Noun 1. Financial Crimes Enforcement Network - a law enforcement agency of the Treasury Department responsible for establishing and implementing policies to detect money laundering FinCEN (FinCEN), announced on July 18, 2005, registration details for the upcoming outreach events related to the Bank Secrecy Act/Anti-Money Laundering Examination Manual (BSA/AML Examination Manual) that was released on June 30, 2005. The events included * three nationwide conference calls to be held August 2-4, 2005; and * five regional half-day outreach meetings, including a simulcast of one of the meetings via the Internet. These meetings were held in San Francisco, Dallas, Chicago, New York, and Miami. Banking organizations were encouraged to participate in these voluntary sessions. The content of the events was similar. During the events, the BSA/AML Examination Manual was discussed and examination expectations were provided. There was also an opportunity to provide feedback, ask questions, and address implementation issues. Participating in the outreach sessions was the Board of Governors of the Federal Reserve System Board of Governors of the Federal Reserve System The managing body of the Federal Reserve System, which sets policies on bank practices and the money supply. , the Federal Deposit Insurance Corporation Federal Deposit Insurance Corporation (FDIC), an independent U.S. federal executive agency designed to promote public confidence in banks and to provide insurance coverage for bank deposits up to $100,000. , the Office of the Comptroller of the Currency The Office of the Comptroller of the Currency (or OCC) was established by the National Currency Act of 1863 and serves to charter, regulate, and supervise all national banks and the federal branches and agencies of foreign banks in the United States. , the Office of Thrift Supervision The Office of Thrift Supervision (OTS) was established as a bureau of the Treasury Department in August 1989 as part of a major Reorganization Plan of the thrift regulatory structure mandated by the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (FIRREA) (12 U.S.C.A. , the Office of Foreign Assets Control The Office of Foreign Assets Control (OFAC) is an agency of the United States Department of the Treasury under the auspices of the Under Secretary of the Treasury for Terrorism and Financial Intelligence. OFAC administers and enforces economic and trade sanctions based on U. , and FinCEN. The BSA/AML Examination Manual emphasizes a banking organization's responsibility to establish and implement risk-based policies, procedures, and processes to comply with the BSA and safeguard its operations from money laundering and terrorist financing. For questions on the outreach events or the BSA/ AML Examination Manual, banking organizations should contact the local office of their federal banking agency. |
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