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Subject: Bank Secrecy Act/Anti-Money Laundering (BSA/AML)
Date: June 3, 2003
To: Chief Executive Officers and Compliance Officers of All National Banks, Federal Branches and Agencies, Department and Division Heads, and All Examining Personnel
Description: Final Rule–Customer Identification Programs for Banks, Savings Associations, and Credit Unions
This bulletin transmits a joint final rule published in the Federal Register on May 9, 2003, that requires all banks to establish procedures to verify the identity of customers. The final rule implements section 326 of the USA PATRIOT Act for banks, savings associations, credit unions and certain non-federally regulated banks (banks) and is codified at 31 CFR 103.121. In addition, it transmits an amendment of the Comptroller of the Currency's regulation 12 CFR 21.21, which has been modified specifically to require national banks to establish and maintain procedures to assure compliance with the new final rule implementing section 326.
Banks must comply with the final rule by October 1.
The final rule requires all banks to implement a Customer Identification Program (CIP) that is appropriate given the bank's size, location, and type of business. The CIP must be written, incorporated into the bank's BSA/AML program, and approved by the bank's board of directors. The final rule requires that the CIP include:
The final rule also describes when a bank may rely on another financial institution to perform all or part of the bank's CIP.
A link to the final rule can be found on the Financial Crimes Enforcement Network (FinCEN) Web site at [ www.fincen.gov/326bankfinal.pdf ].
Questions about the final regulation may be directed to your OCC supervisory office, the Compliance Division at (202) 874-4428 or the Legislative and Regulatory Activities Division at (202) 874-5090.
David G. Hammaker