tailieunhanh - BANK SECRECY ACT, ANTI-MONEY LAUNDERING, AND OFFICE OF FOREIGN ASSETS CONTROL

Damage to buildings is a dominant component of flood-related costs, at least in Bangkok and Manila. In these cities, over 70 percent of flood-related costs in all scenarios are a result of damages to buildings. Cities are, almost by definition, built-up areas full of concrete structures, so it is not surprising that the main impact of floods is on these structures and the assets they carry. In HCMC, 61 percent of urban land use and 67 percent of industrial land use are expected to be flooded in 2050 in an extreme event if the proposed flood control measures are not. | BANK SECRECY ACT ANTI-MONEY LAUNDERING AND OFFICE OF FOREIGN ASSETS CONTROL INTRODUCTION TO THE BANK SECRECY ACT The Financial Recordkeeping and Reporting of Currency and Foreign Transactions Act of 1970 31 . 5311 et seq. is referred to as the Bank Secrecy Act BSA . The purpose of the BSA is to require United States . financial institutions to maintain appropriate records and file certain reports involving currency transactions and a financial institution s customer relationships. Currency Transaction Reports CTRs and Suspicious Activity Reports SARs are the primary means used by banks to satisfy the requirements of the BSA. The recordkeeping regulations also include the requirement that a financial institution s records be sufficient to enable transactions and activity in customer accounts to be reconstructed if necessary. In doing so a paper and audit trail is maintained. These records and reports have a high degree of usefulness in criminal tax or regulatory investigations or proceedings. The BSA consists of two parts Title I Financial Recordkeeping and Title II Reports of Currency and Foreign Transactions. Title I authorizes the Secretary of the Department of the Treasury Treasury to issue regulations which require insured financial institutions to maintain certain records. Title II directed the Treasury to prescribe regulations governing the reporting of certain transactions by and through financial institutions in excess of 10 000 into out of and within the . The Treasury s implementing regulations under the BSA issued within the provisions of 31 CFR Part 103 are included in the FDIC s Rules and Regulations and on the FDIC website. The implementing regulations under the BSA were originally intended to aid investigations into an array of criminal activities from income tax evasion to money laundering. In recent years the reports and records prescribed by the BSA have also been utilized as tools for investigating individuals suspected of engaging in