BANK SECRECY ACT INTERNAL CONTROLS Sample Clauses

BANK SECRECY ACT INTERNAL CONTROLS. (1) Within ninety (90) days, the Board shall improve the Bank’s written program of policies and procedures to assure compliance with the Bank Secrecy Act, as amended (31 U.S.C. §§ 5311 - 5330), the regulations promulgated thereunder at 31 C.F.R. Part 103, as amended, and 12 C.F.R. Part 21, Subparts B and C (collectively referred to as the Bank Secrecy Act) and ensure the Bank’s adherence thereto. At a minimum, the written program shall establish:
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BANK SECRECY ACT INTERNAL CONTROLS. (1) Within sixty (60) days of the date of this Agreement, the Board shall develop, implement, and thereafter ensure Bank adherence to a written program of policies and procedures to provide for compliance with Bank Secrecy Act (“BSA”), as amended 31 U.S.C. §§ 5311 et seq., the regulations promulgated thereunder at 31 C.F.R. Part 103, as amended, and 12 C.F.R. Part 21, Subparts B and C, and the rules and regulations of the Office of Foreign Assets Control (“OFAC”) (collectively referred to as the “Bank Secrecy Act” or “BSA”) and for the appropriate identification and monitoring of transactions that pose greater than normal risk for compliance with the BSA. This program shall include the following:
Sample 1Sample 2See All (4)
BANK SECRECY ACT INTERNAL CONTROLS. (1) Within ninety (90) days of the date of this Agreement, the Board shall develop, implement and thereafter ensure Bank adherence to a written program of policies and procedures to provide for compliance with the Bank Secrecy Act (“Risk-Based BSA Program”) to include due diligence programs, operating procedures, and quality control systems that ensure an ongoing risk-based assessment of the Bank’s customer base including:
Sample 1
BANK SECRECY ACT INTERNAL CONTROLS. (1) The Board shall promptly take all steps necessary to ensure improvement of the Bank’s BSA/Anti-Money Laundering (AML) program to address each deficiency cited in the XXX or any supervisory communication to include Enhanced Due Diligence (EDD), Management Information Systems, Independent Testing, and the independence and staffing of the BSA/AML compliance department.
Sample 1Sample 2
BANK SECRECY ACT INTERNAL CONTROLS. (1) Within ninety (90) days of the date of this Agreement, the Board shall develop, implement, and thereafter ensure Bank adherence to a written program of policies and procedures to provide for compliance with Bank Secrecy Act, as amended, 31 U.S.C. §§ 5311 et seq.; the regulations promulgated thereunder, including 31 C.F.R. §§ 1000-1099, 12 C.F.R. Part 21, Subpart C, and 12 C.F.R. § 163.180(d); and the rules and regulations of the Office of Foreign Assets Control (“OFAC”) (collectively referred to as the “Bank Secrecy Act” or “BSA”) and for the appropriate identification and monitoring of transactions that pose greater than normal risk for compliance with the BSA (“BSA Program”). At minimum, the BSA Program shall include the following:
Sample 1
BANK SECRECY ACT INTERNAL CONTROLS. (1) Within ninety (90) days of the date of this Agreement, the General Manager, with the approval of the Board, shall, as appropriate, expand, implement, and thereafter ensure Branches adherence to the revised written program of policies and procedures to provide for compliance with the Bank Secrecy Act, as amended (31 U.S.C. §§ 5311 et seq.), the regulations promulgated thereunder at 31 C.F.R. Part 103, as amended, and 12 C.F.R. Part 21, Subparts B and C, including amendments from the USA PATRIOT Act, and the rules and regulations of the Office of Foreign Assets Control (collectively referred to as the “Bank Secrecy Act” or “BSA”) and for the appropriate identification and monitoring of transactions that pose greater than normal risk for compliance with the BSA. At a minimum, this program should be expanded, as appropriate, to include the following:
Sample 1
BANK SECRECY ACT INTERNAL CONTROLS. (1) Within sixty (60) days from the date of this Agreement, the Board shall revise, adopt, implement, and thereafter ensure Bank adherence to a written program of policies and procedures to ensure compliance with the BSA, as amended (31 U.S.C. §§ 5311 et seq.), the regulations promulgated thereunder at 31 C.F.R. Chapter X, as amended, 12 C.F.R. Parts 163.177 and 163.180, and the rules and regulations of the Office of Foreign Assets Control (“OFAC”) for the appropriate identification and monitoring of transactions that pose greater than normal risk for compliance with the BSA. This program shall include, among other things, the following:
Sample 1
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BANK SECRECY ACT INTERNAL CONTROLS. (1) Within sixty (60) days of the date of this Agreement, the Board shall develop, implement, and thereafter ensure Bank adherence to a written program of policies and procedures to provide for compliance with Bank Secrecy Act (“BSA”), as amended (31 U.S.C. §§ 5311 et seq.), the regulations promulgated thereunder at 31 C.F.R. Part 103, as amended, and 12 C.F.R. Part 21, Subparts B and C, and the rules and regulations of the Office of Foreign Assets Control (“OFAC”) (collectively referred to as the “Bank Secrecy Act” or “BSA”) and for the appropriate identification and monitoring of transactions that pose greater than normal risk for compliance with the BSA. Failure to establish and maintain an effective BSA program constitutes a 12 C.F.R. § 21.21 violation, which may subject the Bank to civil money penalties and cause the Bank to operate in an unsafe and unsound manner. This program shall include the following:
Sample 1
BANK SECRECY ACT INTERNAL CONTROLS. (1) Within ninety (90) days of the date of this Agreement, in response to the risks assessed as set forth in the XXX and the corrective actions prescribed therein, the Board shall revise and thereafter ensure Bank adherence to a written program of policies and procedures to provide for compliance with Bank Secrecy Act (“BSA”), as amended (31 U.S.C. §§ 5311 et seq.) and the regulations promulgated thereunder at 31 C.F.R. Part 1020 and 12 C.F.R. § 163.177 (collectively referred to as the “Bank Secrecy Act” or “BSA”) and for the appropriate identification and monitoring of transactions that pose greater than normal risk for compliance with the BSA. The revisions shall include, but not be limited to, the following:
Sample 1

Related to BANK SECRECY ACT INTERNAL CONTROLS

  • Internal Controls The Company shall maintain a system of internal accounting controls sufficient to provide reasonable assurances that: (i) transactions are executed in accordance with management’s general or specific authorization; (ii) transactions are recorded as necessary in order to permit preparation of financial statements in accordance with GAAP and to maintain accountability for assets; (iii) access to assets is permitted only in accordance with management’s general or specific authorization; and (iv) the recorded accountability for assets is compared with existing assets at reasonable intervals and appropriate action is taken with respect to any differences.

  • Internal Control Effective control and accountability must be maintained for all cash, real and personal property, and other assets. Grantee must adequately safeguard all such property and must provide assurance that it is used solely for authorized purposes. Grantee must also have systems in place that provide reasonable assurance that the information is accurate, allowable, and compliant with the terms and conditions of this Agreement. 2 CFR 200.303.

  • Export Controls Both Parties will adhere to all applicable laws, regulations and rules relating to the export of technical data and will not export or re-export any technical data, any products received from the other Party or the direct product of such technical data to any proscribed country listed in such applicable laws, regulations and rules unless properly authorized.

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