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Summary:

As part of the �౦��Ϸ����'s Community Banking Initiative, the �౦��Ϸ���� is announcing the release of an updated technical assistance video on the Bank Secrecy Act (BSA), anti-money laundering (AML) requirements, and the Treasury Department's Office of Foreign Assets Control (OFAC) sanctions programs. The updated video provides an overview of current BSA/AML and OFAC requirements for directors of �౦��Ϸ����-supervised banks and savings associations.

Statement of Applicability to Institutions: This Financial Institution Letter applies to �౦��Ϸ����-supervised banks and savings associations.

Highlights:

• The �౦��Ϸ���� is issuing updates to its technical assistance video for the BSA to assist directors to understand their compliance responsibilities.
• The updated video reflects changes in federal laws and regulations since it was originally released by the �౦��Ϸ���� in 2013.
• Among other things, the updated video reflects the new beneficial ownership and customer due diligence requirements and related examination procedures as described in FIL 26-2018 dated May 11, 2018, titled: Bank Secrecy Act: Customer Due Diligence and Beneficial Ownership Examination Procedures .
• The updated BSA video can be accessed at: www.fdic.gov/regulations/resources/director/virtual/bsa.html

Distribution:

• �౦��Ϸ����-Supervised Banks (Commercial and Savings)

Suggested Routing:

• Board of Directors
• Chief Executive Officer
• BSA Compliance Officer

Paper copies of �౦��Ϸ���� FILs may be obtained through the �౦��Ϸ����'s Public Information Center, 3501 Fairfax Drive, Room E 1002, Arlington, VA 22226 (1-877-275-3342 or 703-562-2200).

Additional Related Topics:

• Anti-Money Laundering
• Counter-Terrorist Financing
• Office of Foreign Assets Control