The federal financial institutions regulatory
agencies—the Federal Reserve System, the Federal Deposit Insurance
Corp., the National Credit Union Administration, the Office of the
Comptroller of the Currency and the Office of Thrift
Supervision—issued Bank Secrecy Act procedures that guide
implementation of, and provide a consistent approach to examining, the
customer identification programs (CIP) that domestic and foreign
banking organizations were required to establish under section 326 of
the USA Patriot Act. By October 1, 2003, each financial institution
had to establish and incorporate into its anti-money-laundering
compliance program a written CIP appropriate to the institution’s size
and type.
Money Laundering
