News Releases
10/23/2003 USA PATRIOT Act Monitor News Release: New Examination
Procedures for Supervisors
The bank supervisory agencies the OCC, Federal Reserve, FDIC, OTS, and NCUA
have issued examination procedures concerning correspondent accounts for foreign
shell banks and information-sharing procedures The Bank Secrecy Act Examination
Procedures: Sections 313, 314, and 319(b) of the USA PATRIOT Act reviews
relevant regulations, suggests that examiners request a number of items to facilitate
examinations, and lists eight specific procedures that examiners should implement
in determining compliance. The Examination Procedures are posted on the supervisory
agency websites (e.g., for the OCC, currently at http://www.occ.treas.gov/occ_current.htm).
The Examination Procedures will be reviewed in detail in the November Monitor.
The Procedures will also be incorporated in compliance checklists provided to
subscribers on the Monitor website.
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