Bank Secrecy Act (BSA)/Anti-Money Laundering (AML)/Office of Foreign Assets Control (OFAC)

I want to know about…

• BSA/AML/OFAC regulations
• BSA/AML supervision and regulation letters
• BSA/AML guidance
• BSA/AML resources
• OFAC guidance and resources
• Contacts

BSA/AML/OFAC regulations

• 31 CFR Chapter X—BSA
• 12 CFR 208 (Regulation H)—Membership of State Banking Institutions in the Federal Reserve System
• 208.62—Suspicious activity reports
• 208.63—Procedures for monitoring BSA compliance
• 12 CFR Part 211 (Regulation K)—International Banking Operations
• 211.5(k)—Reports by Edge and agreement corporations of crimes and suspected crimes
• 211.5(m)—Procedures for monitoring BSA compliance
• 211.24(f)—Reports of crimes and suspected crimes
• 211.24(j)—Procedures for monitoring BSA compliance
• 12 CFR Part 225 (Regulation Y)—Bank Holding Companies and Change in Bank Control
• 225.4(f)—Suspicious activity report
• Appendix-F-to-Part-225 II.1.c.—Components of a Response Program
• 31 CFR Chapter V—OFAC

BSA/AML/OFAC supervision and regulation (SR) letters

BSA/AML/OFAC Supervisory Policy and Guidance Topics include supervisory matters involving the AML programs of banking organizations supervised by the Federal Reserve, including their compliance with the BSA, suspicious activities and current transaction reporting, and the USA PATRIOT Act. It also addresses the Reserve Banks' AML examination practices, policies, and procedures.

BSA/AML guidance

The Federal Financial Institutions Examination Council (FFIEC) BSA/AML Infobase and Examination Manual and Procedures (BSA/AML Manual) provides guidance to examiners and financial institutions on the characteristics of an effective BSA/AML program. Details can be found at the following:

• FFIEC Main Page
• BSA/AML InfoBase
• BSA/AML Examination Manual
• BSA/AML Examination Procedures
• BSA/AML References
• BSA/AML Regulations for Banks

The Financial Crime Enforcement Network (FinCEN), a bureau of the U.S. Department of the Treasury, administers the BSA to combat money laundering, terrorist financing, and other financial crimes. FinCEN collects, analyzes, and disseminates financial transaction data to support law enforcement efforts. Additionally, FinCEN issues regulations and guidance to ensure financial institutions implement effective AML programs. Details can be found at the following:

• FinCEN Main Page
• BSA E-Filing System
• Statutes and Regulations
• FinCEN Guidance
• Contact FinCEN
• Recent Advisories/Notices/Bulletins/Fact Sheets
• Suspicious Activity Report (SAR) Advisory Key Terms
• Answers to Frequently Asked BSA Questions

BSA/AML resources

• Beneficial Ownership Information (BOI) and Reference Materials
• FinCEN AML/CFT Priorities (June 30, 2021)
• National Defense Authorization Act—AML Act of 2020 (January 1, 2021)
• Ask the Fed: Governor Michelle Bowman and Director Kenneth A. Blanco of FinCEN to Discuss Recent Anti-Money Laundering (AML) Efforts (November 2020)
• BSA Timeline (1970 to Present)
• Treasury Publishes 2024 National Risk Assessments for Money Laundering, Terrorist Financing, and Proliferation Financing
• High Intensity Financial Crime Area (HIFCA)
• High-Intensity Drug Trafficking Areas (HIDTA)
• Confidence Scams: What They Are and How to Protect Your Customers

OFAC guidance and resources

• Sanctions Programs and Information
• Sanctions Program and Country Information
• OFAC Sanctions List Service
• OFAC Sanctions List Search Tool
• OFAC Reporting System
• OFAC Frequently Asked Questions
• Contact OFAC

Contacts

• Lorenzo Garza, Vice President
• Meeoak Cho, Assistant Vice President
• Request a Speaker