Money Laundering, Terrorism & Financial Institutions
Published by Civic Research Institute,

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 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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