The BSA compliance officer should be fully knowledgeable of the BSA and all related regulations. The BSA compliance officer should also understand the bank’s products, services, customers, entities, and geographic locations, and the potential money laundering and terrorist financing risks associated with those activities. The appointment of a BSA compliance officer is not sufficient to meet the regulatory requirement if that person does not the expertise, authority, or time to satisfactorily complete
The management of BCD Holding Company (the "Company") has assessed the Company's compliance with the Federal laws and regulations pertaining to insider loans and the Federal and, if applicable, State laws and regulations pertaining to dividend restrictions during the fiscal year that ended on December 31, 20XX. The following subsidiary institutions of the Company that are subject to Part 363 are included in this assessment of compliance with these designated laws and regulations: [Identify the subsidiary in
6. Close collaboration with other concerned agencies is needed to ensure that appropriate measures and tools are put in place to safeguard Intellectual Property Rights (IPR), Internet safety covering such issues as the protection of the children online and fraudulent activities.§ Regulators should have the expertise to assess and make sound judgments on both technical and issues – thus the importance of appropriate appointment and staffing mechanisms;
The bank’s board of directors must designate a qualified individual to serve as the BSA compliance officer. The BSA compliance officer is responsible for coordinating and monitoring day-to-day BSA/AML compliance. The BSA compliance officer is also charged with managing all aspects of the BSA/AML compliance program and with managing the bank’s adherence to the BSA and its implementing regulations; however, the board of directors is ultimately responsible for the bank’s BSA/AML compliance.