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CFR › Title 12 › Chapter VII › Subchapter A › Part 748 › Section 748.2

12 CFR 748.2 - Procedures for monitoring Bank Secrecy Act (BSA) compliance.

There is 1 rule appearing in the Federal Register for 12 CFR 748. Select the tab below to view, or View eCFR (GPOAccess)
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§ 748.2
Procedures for monitoring Bank Secrecy Act (BSA) compliance.
(a) Purpose. This section is issued to ensure that all federally insured credit unions establish and maintain procedures reasonably designed to assure and monitor compliance with the requirements of subchapter II of chapter 53 of title 31, United States Code, the Financial Recordkeeping and Reporting of Currency and Foreign Transactions Act, and the implementing regulations promulgated under it by the Department of Treasury, 31 CFR chapter X.
(b) Establishment of a BSA compliance program— (1) Program requirement. Each federally insured credit union shall develop and provide for the continued administration of a program reasonably designed to assure and monitor compliance with the recordkeeping and recording requirements in subchapter II of chapter 53 of title 31, United States Code and implementing regulations issued by the Department of Treasury at 31 CFR chapter X. The compliance program must be written, approved by the credit union's board of directors, and reflected in the credit union's minutes.
(2) Customer identification program. Each federally insured credit union is subject to the requirements of 31 U.S.C. 5318(l) and the implementing regulation jointly promulgated by the NCUA and Department of the Treasury at 31 CFR 1020.220, which require a customer identification program to be implemented as part of the BSA compliance program required under this section.
(2) Customer identification program. Each federally-insured credit union is subject to the requirements of 31 U.S.C. 5318(l) and the implementing regulation jointly promulgated by the NCUA and the Department of the Treasury at 31 CFR 103.121, which require a customer identification program to be implemented as part of the BSA compliance program required under this section.
(c) Contents of compliance program. Such 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 credit union personnel or outside parties;
(3) Designate an individual responsible for coordinating and monitoring day-to-day compliance; and
(4) Provide training for appropriate personnel.
(Approved by the Office of Management and Budget under control number 3133-0094)
[52 FR 2861, Jan. 27, 1987, as amended at 52 FR 8062, Mar. 16, 1987; 68 FR 25112, May 9, 2003; 76 FR 18366, Apr. 4, 2011]

Title 12 published on 2012-01-01

The following are only the Rules published in the Federal Register after the published date of Title 12.

For a complete list of all Rules, Proposed Rules, and Notices view the Rulemaking tab.

  • 2012-11-29; vol. 77 # 230 - Thursday, November 29, 2012
    1. 77 FR 71083 - Regulations Affecting Credit Unions; Technical Amendments
      GPO FDSys XML | Text
      NATIONAL CREDIT UNION ADMINISTRATION
      Final rule.
      This rule is effective on November 29, 2012.
      12 CFR Parts 701, 707, 714, 748, and 749

This is a list of United States Code sections, Statutes at Large, Public Laws, and Presidential Documents, which provide rulemaking authority for this CFR Part.

This list is taken from the Parallel Table of Authorities and Rules provided by GPO [Government Printing Office].

It is not guaranteed to be accurate or up-to-date, though we do refresh the database weekly. More limitations on accuracy are described at the GPO site.

United States Code
USC : Title 12 - BANKS AND BANKING

§ 1766 - Powers of Board

§ 1786 - Termination of insured credit union status; cease and desist orders; removal or suspension from office; procedure

USC : Title 15 - COMMERCE AND TRADE

§ 6801 - Protection of nonpublic personal information

§ 6805 - Enforcement

USC : Title 31 - MONEY AND FINANCE

§ 5311 - Declaration of purpose

§ 5318 - Compliance, exemptions, and summons authority

Title 12 published on 2012-01-01

The following are ALL rules, proposed rules, and notices (chronologically) published in the Federal Register relating to 12 CFR 748 after this date.

  • 2012-11-29; vol. 77 # 230 - Thursday, November 29, 2012
    1. 77 FR 71083 - Regulations Affecting Credit Unions; Technical Amendments
      GPO FDSys XML | Text
      NATIONAL CREDIT UNION ADMINISTRATION
      Final rule.
      This rule is effective on November 29, 2012.
      12 CFR Parts 701, 707, 714, 748, and 749