[Federal Register Volume 77, Number 100 (Wednesday, May 23, 2012)]
[Rules and Regulations]
[Page 30371]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2012-12495]
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Rules and Regulations
Federal Register
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Federal Register / Vol. 77, No. 100 / Wednesday, May 23, 2012 / Rules
and Regulations
[[Page 30371]]
FEDERAL DEPOSIT INSURANCE CORPORATION
12 CFR Part 326
RIN 3064-AD76
Procedures for Monitoring Bank Secrecy Act Compliance and Fair
Credit Reporting: Technical Amendments; Correction
AGENCY: Federal Deposit Insurance Corporation (FDIC).
ACTION: Final rule; correction.
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SUMMARY: The FDIC is correcting a final rule that appeared in the
Federal Register of March 18, 2011, regarding Procedures for Monitoring
Bank Secrecy Act Compliance and Fair Credit Reporting: Technical
Amendments. This correction clarifies that the FDIC did not intend to
remove a paragraph from its regulations.
DATES: Effective May 23, 2012. This correction is applicable beginning
March 18, 2011.
FOR FURTHER INFORMATION CONTACT: Carl Gold, Counsel, Legal Division,
(202) 898-8702, 550 17th Street NW., Washington, DC 20429.
SUPPLEMENTARY INFORMATION: On March 18, 2011, the FDIC published a
final rule, Procedures for Monitoring Bank Secrecy Act Compliance and
Fair Credit Reporting: Technical Amendments (76 FR 10672). This final
rule included revisions to 12 CFR 326.8(a) and (b). No revisions were
being made to Sec. 326.8(c) so it was not included in the March 18,
2011, final rule, but owing to an error in punctuation in that rule, 12
CFR 326.8(c) was removed from the Code of Federal Regulations.
For the reasons set out in the preamble, the FDIC hereby amends 12
CFR part 326 with the following correcting amendment:
PART 326--MINIMUM SECURITY DEVICES AND PROCEDURES AND BANK SECRECY
ACT COMPLIANCE
0
1. The authority citation for part 326 continues to read as follows:
Authority: 12 U.S.C. 1813, 1815, 1817, 1818, 1819 (Tenth), 1881-
1883; 31 U.S.C. 5311-5314 and 5316-5332.2.
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2. In Sec. 326.8, paragraphs (a) and (b) are republished and paragraph
(c) is added to read as follows:
Sec. 326.8 Bank Security Act compliance.
(a) Purpose. This subpart is issued to assure that all insured
nonmember banks as defined in 12 CFR 326.1 establish and maintain
procedures reasonably designed to assure and monitor their compliance
with the requirements of subchapter II of chapter 53 of title 31,
United States Code, and the implementing regulations promulgated
thereunder by the Department of Treasury at 31 CFR Chapter X.
(b) Compliance procedures--(1) Program requirement. Each bank shall
develop and provide for the continued administration of a program
reasonably designed to assure and monitor compliance with recordkeeping
and reporting requirements set forth in subchapter II of chapter 53 of
title 31, United States Code, and the implementing regulations issued
by the Department of Treasury at 31 CFR Chapter X. The compliance
program shall be written, approved by the bank's board of directors,
and noted in the minutes.
(2) Customer identification program. Each bank is subject to the
requirements of 31 U.S.C. 5318(l) and the implementing regulation
jointly promulgated by the FDIC and the Department of the Treasury at
31 CFR 1020.220.
(c) Contents of compliance program. The compliance program shall,
at a minimum:
(1) Provide for a system of internal controls to assure ongoing
compliance;
(2) Provide for independent testing for compliance to be conducted
by bank personnel or by an outside party;
(3) Designate an individual or individuals responsible for
coordinating and monitoring day-to-day compliance; and
(4) Provide training for appropriate personnel.
Dated: May 18, 2012.
Federal Deposit Insurance Corporation.
Valerie J. Best,
Assistant Executive Secretary.
[FR Doc. 2012-12495 Filed 5-22-12; 8:45 am]
BILLING CODE 6741-01-P