3.119- What is the Enforcement authority for “red flag” rules • Bank Secrecy Act/Anti-Money Laundering (BSA/AML) ?

The Office of the Comptroller of Currency, OCC enforces regulations, supervises, and takes enforcement actions to ensure that national banks and financial institutions have the necessary controls in place and provide the requisite notices to law enforcement to deter and detect money laundering, terrorist financing and other criminal acts and the misuse of the United States Financial Institutions.

The Bank Secrecy Act (BSA), 31 USC 5311 et seq establishes program, recordkeeping and reporting requirements for national banks, federal savings associations, federal branches and agencies of foreign banks. The OCC's implementing regulations are found at 12 CFR 21.11 and 12 CFR 21.21. The BSA was amended to incorporate the provisions of the USA PATRIOT Act which requires every bank to adopt a customer identification program as part of its BSA compliance program.

Related Topics: What are the Parties subject to “red flag” rules? What are red flags on an Application? Explain some General red flags that could represent fraud

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