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Bank Secrecy Act (BSA) Office of Foreign Assets Control (OFAC)

Bank Secrecy Act (BSA) Office of Foreign Assets Control (OFAC). BSA Timeline. 1970 – enacted by Congress 1986 – Money Laundering Control Act 1990 – FinCEN created 1994 – FinCEN to administer BSA 1996 – Depository institutions to file SARs 1991 – USA Patriot Act enacted.

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Bank Secrecy Act (BSA) Office of Foreign Assets Control (OFAC)

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  1. Bank Secrecy Act (BSA)Office of Foreign Assets Control (OFAC)

  2. BSA Timeline 1970 – enacted by Congress 1986 – Money Laundering Control Act 1990 – FinCEN created 1994 – FinCEN to administer BSA 1996 – Depository institutions to file SARs 1991 – USA Patriot Act enacted

  3. BSA Compliance Program Requirements Must be in writing and include the following: • Internal policies, procedures, and controls • Designation of a compliance officer • Ongoing employee training program • Independent audit function

  4. Compliance with BSA • Protects credit union’s reputation • Positive impact on the community • Penalties, fines, possible imprisonment for BSA violations

  5. Common Compliance Mistakes • Failure to have a written/adequate compliance program • Failure to implement the program • Lack of SAR reviews • No independent review of the compliance program

  6. BSA – Typical Scenarios • Currency Transaction Reports (CTR) • Structuring to avoid CTR reporting • Report of International Transportation of Currency or Monetary Instruments • Designation of an Exempt Person • Suspicious Activity Report • Recordkeeping requirements • Member Identification Program

  7. Where to get Help!!!! • www.msk.gov, www.irs.gov, or www.fincen.gov • BSA forms 1-800-829-3676 • MSB education materials 1-800-386-6329 • FinCEN Regulatory Helpline 1-800-949-2732

  8. Office of Foreign Assets Control (OFAC) • Administers and enforces economic sanctions • Primarily against countries and groups of individuals • Many predecessors • Formally created in 1950

  9. OFAC Compliance Issues Written policy Annual approval Adequate training Responsible person

  10. OFAC – Typical Scenarios • Specifically Designated Nationals • Blocked Entities • FinCEN every two weeks send new current listing • OFAC list • Run lists against customer lists • Blocking transactions

  11. USA Patriot ACT Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism KNOW YOUR MEMBERS!!!!!!

  12. Questions

  13. Contact Information Thomas J. O’Donnell 518-694-8036 todonnell@wojeskico.com

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