The federal financial institutions regulatory agencies--the Federal Reserve System, the Federal Deposit Insurance Corp., the National Credit Union Administration, the Office of the Comptroller of the Currency and the Office of Thrift Supervision--issued Bank Secrecy Act procedures.
The federal financial institutions regulatory agencies--the Federal Reserve System, the Federal Deposit Insurance Corp., the National Credit Union Administration The National Credit Union Administration (NCUA) is responsible for chartering, insuring, supervising, and examining federal credit unions (FCUs) and for administering the National Credit Union Share Insurance Fund. , 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. and the Office of Thrift Supervision--issued Bank Secrecy Act The Bank Secrecy Act of 1970 (or BSA, or otherwise known as the Currency and Foreign Transactions Reporting Act) requires U.S.A. financial institutions to assist U.S. government agencies to detect and prevent money laundering. procedures that guide implementation of, and provide a consistent approach to examining, the customer identification programs (CIP) that domestic and foreign banking organizations were required to establish under section 326 of the USA Patriot Act USA PATRIOT Act [Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorists], 2001, U.S. . By October 1, 2003, each financial institution had to establish and incorporate into its anti-money-laundering compliance program a written CIP appropriate to the institution's size and type.
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