Reorganization of FinCEN’s Bank Secrecy Act Regulations

The FDIC, in conjunction with the other federal banking agencies and the State Liaison Committee of the Federal Financial Institutions Examination Council, is issuing a statement regarding the revision of the Bank Secrecy Act (BSA) regulations effective March 1, 2011. The rule does not alter existing BSA regulatory obligations or impose new requirements. However, banks may need to revise existing policies, procedures, and software monitoring systems to reflect the new citations.