US Fed publishes new rules for US branches of foreign banks


The BSA compliance programme includes a system of controls to ensure ongoing compliance; independent testing of compliance by the institution's personnel or an outside entity; the designation of an individual or individuals to monitor day-to-day compliance; and BSA training for appropriate personnel.

Although regulators do not permit state member banks to delegate approval of the BSA compliance programme, the rule allows the board of directors of a foreign bank operating in the US to delegate

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