FDIC updates Bank Secrecy Act video for bank directors

An updated technical assistance video for bank directors regarding the Bank Secrecy Act (BSA), anti-money laundering (AML) requirements, and sanctions programs of Treasury’s Office of Foreign Assets Control was announced Friday by the federal bank deposit insurance agency in a letter to supervised institutions.

The Federal Deposit Insurance Corp. (FDIC) video, 38 minutes long (view it here), is intended to help directors of FDIC-supervised banks and savings associations understand their BSA-related compliance responsibilities.

The agency, in its Financial Institution Letter (FIL) 90-2018, says the updated video reflects changes in federal laws and regulations since it was originally released in 2013. Among these are the new beneficial ownership and customer due diligence requirements and related examination procedures implemented this May (and addressed in FIL 26-2018Bank Secrecy Act: Customer Due Diligence and Beneficial Ownership Examination Procedures.)

FDIC FIL-90-2018