12cfr748_2 (1-1-16 Ed)

National Credit Union Administration

Pt. 748, App. A

the suspect, pursuant to 31 U.S.C.
5318(g)(2), but must notify the remaining directors, or designated committee
members, who are not suspects.
(5) Confidentiality of reports. SARs are
confidential. Any credit union, including its officials, employees, and agents,
subpoenaed or otherwise requested to
disclose a SAR or the information in a
SAR must decline to produce the SAR
or to provide any information that
would disclose that a SAR was prepared or filed, citing this part, applicable law, for example, 31 U.S.C. 5318(g),
or both, and notify NCUA of the request. A credit union must make the
filed report and all supporting documentation available to appropriate law
enforcement authorities and its regulatory supervisory authority upon request.
(6) Safe Harbor. Any credit union, including its officials, employees, and
agents, that makes a report of suspected or known criminal violations
and suspicious activities to law enforcement and financial institution supervisory authorities, including supporting documentation, are protected
from liability for any disclosure in the
report, or for failure to disclose the existence of the report, or both, to the
full extent provided by 31 U.S.C.
5318(g)(3). This protection applies if the
report is filed pursuant to this part or
is filed on a voluntary basis.

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[50 FR 53295, Dec. 31, 1985, as amended at 53
FR 26232, July 12, 1988; 58 FR 17492, Apr. 5,
1993; 61 FR 11527, Mar. 21, 1996; 71 FR 62878,
Oct. 27, 2006; 72 FR 42273, Aug. 2, 2007; 74 FR
35769, July 21, 2009; 76 FR 18366, Apr. 4, 2011;
78 FR 64885, Oct. 30, 2013]

(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.
(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)

§ 748.2 Procedures
for
monitoring
Bank Secrecy Act (BSA) compliance.

[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]

(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.

APPENDIX A TO PART 748—GUIDELINES
FOR SAFEGUARDING MEMBER INFORMATION

TABLE OF CONTENTS
I. Introduction
A. Scope
B. Definitions
II. Guidelines for Safeguarding Member Information
A. Information Security Program
B. Objectives
III. Development and Implementation of
Member Information Security Program

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