About Us | Contact Us
View Cart

Reorganization of FinCEN’s Bank Secrecy Act Regulations

By Vigilize | Wednesday, March 16, 2011 - Leave a Comment

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.

Highlights:

  • The Financial Crimes Enforcement Network (FinCEN) issued a final rule on October 26, 2010, reorganizing and transferring the Bank Secrecy Act (BSA) regulations to a new chapter in the Code of Federal Regulations (CFR). These modifications are effective March 1, 2011.
  • The rule transfers the BSA regulations from 31 CFR Part 103 to a new chapter entitled “Title 31 Chapter X – Financial Crimes Enforcement Network.”
  • The new structure organizes BSA regulations by industry, and identifies regulations that are applicable to all regulated industries and individuals subject to the BSA in order to make the regulatory obligations uniform.
  • Federal and State banking agencies will refer to 31 CFR Chapter X of the BSA relative to examination findings beginning on or after March 1, 2011.
  • Section 326.8 and Part 334 (Subparts I and J) of the FDIC’s Rules and Regulations have been revised to reflect the new citations. These revisions were approved by the FDIC Board of Directors on March 15, 2011.
  • FinCEN has developed online tools to assist in the transition to Chapter X that can be found at http://www.fincen.gov/statutes_regs/ChapterX/.
  • Banks should continue to use existing BSA-related forms that may reference 31 CFR 103 until FinCEN issues revised forms.


Additional Reading: Reorganization of FinCEN’s Bank Secrecy Act Regulations



Latest News
    Today we present a special BONUS awareness poster for YOUR customers (and users).  This update to the April 2022 Awareness Poster takes some cues from the Dan’s New Leaf article: Why Local? Now that we have our own employees aware, maybe it’s time to start posting content for our customers! Check out posters.infotex.com for the […]
    Awareness is 9/11’s of the battle, if we use it! Another one of those Dan’s New Leaf Posts, meant to inspire thought about IT Governance . . . . One of my old college buddies hates banks.  He was turned down for a loan a long time ago and just can’t let go.  I actually […]
    PRESS RELEASE – FOR IMMEDIATE RELEASE SERVICE NEWS Dateline: Dayton, IN, June 22, 2022 We are proud to announce that infotex will now be supporting Endpoint Detection and Response (XDR/MDR)! We can manage/monitor solutions you already have or offer one as part of our service while still maintaining a segregated response posture. In recent years […]
    Over 85 percent of surveyed companies report having no  centralized monitoring of networked industrial devices… An article review. If you are involved in IT within your organization, you’re probably aware of the importance of being able to monitor relevant activity from your networked devices, especially if your organization is involved in healthcare, finance, or government.  […]
    Another awareness poster for YOUR customers (and users).  Now that we have our own employees aware, maybe it’s time to start posting content for our customers! Check out posters.infotex.com for the whole collection! Download the large versions here: Awareness Poster (Portrait) Awareness Poster (Landscape)   You are welcome to print out and distribute this around […]
    We always strive to bring you the best content that we possibly can. Your opinion on any content, presentation, service, or anything else you have received from us is important! Please click the button below to let us know how we are doing!  
    What to Expect in an Annual Information Security Report to the Board Webinar-Movie Information security ranks as a top risk to financial institutions, both in terms of likelihood and overall impact. It is important that boards receive annual comprehensive reporting from management about the information security risks and incidents, and the actions taken to address […]
    The Five Precepts of IT Vendor Management Webinar-Movie We’re going back to basics on Vendor Management. This webinar will give you a training tool to help out that new person that is starting to take on the gargantuan task that is Vendor Management.
    Another awareness poster for YOUR customers (and users).  Now that we have our own employees aware, maybe it’s time to start posting content for our customers! Check out posters.infotex.com for the whole collection! Download the large versions here: Awareness Poster (Portrait) Awareness Poster (Landscape)   You are welcome to print out and distribute this around […]
    The joint cybersecurity advisory includes the 15 most exploited vulnerabilities reported in 2021… An article review.  While a lot of attention is focused on previously undisclosed or “zero day” attacks, some of the most likely attack vectors are vulnerabilities that have been widely known for weeks or even months.  That’s according to a new joint […]