International Banking Operations

Document Headings Document headings vary by document type but may contain the following: the agency or agencies that issued and signed a document the number of the CFR title and the number of each part the document amends, proposes to amend, or is directly related to the agency docket number / agency internal file number the RIN which identifies each regulatory action listed in the Unified Agenda of Federal Regulatory and Deregulatory Actions See the Document Drafting Handbook for more details. Federal Reserve System 12 CFR Part 211 [Regulation K; Docket No. R-1147] AGENCY: Board of Governors of the Federal Reserve System. ACTION: Final rule. SUMMARY: The Board of Governors of the Federal Reserve System (Board) has adopted a final rule to require Edge and Agreement corporations and U.S. branches, agencies, and representative offices of foreign banks supervised by the Board to establish and maintain procedures reasonably designed to assure and monitor compliance with the Bank Secrecy Act and the regulations issued thereunder. DATES: This rule is effective April 19, 2006. FOR FURTHER INFORMATION CONTACT: Nina A. Nichols, Assistant Director, (202) 452-2961, Shaswat K. Das, Counsel, (202) 452-2428, or Bridget M. Neill, Assistant Director, (202) 452-5235, Division of Banking Supervision and Regulation; or Ann E. Misback, Associate General Counsel, (202) 452-3788, or Jennifer Sutton, Attorney, (202) 452-3564, Legal Division. For users of Telecommunications Devices for the Deaf (TDD) only, contact (202) 263-4869. SUPPLEMENTARY INFORMATION: I. Background A. Regulations on Bank Secrecy Act Compliance Programs Subchapter II of chapter 53 of Title 31, United States Code , commonly known as the “Bank Secrecy Act,” generally requires financial institutions to, among other things, keep records and make reports that have a high degree of usefulness in criminal, tax, or regulatory proceedings. Section 1359 of the Anti-Drug Abuse Act of 1986, Pub. L. 99-570, requires the…