Customer Identification (Bank Secrecy Act) - sustany/dvg GitHub Wiki

Procedures for Monitoring BSA Compliance (12 CFR 21.21) requires every national bank and savings association to have a written, board approved program that is reasonably designed to assure and monitor compliance with the BSA. The program must, at a minimum: provide for a system of internal controls to assure ongoing compliance; provide for independent testing for compliance; designate an individual responsible for coordinating and monitoring day-to-day compliance; and provide training for appropriate personnel.

In addition, the implementing regulation for section 326 of the PATRIOT Act requires that every bank adopt a customer identification program as part of its BSA compliance program.