What is FDIC (Federal Deposit Insurance Corporation)?

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The Federal Deposit Insurance Corporation (FDIC) is an independent agency of the United States government established in 1933 to maintain stability and public confidence in the nation's financial system by insuring deposits and supervising financial institutions for safety, soundness, and consumer protection. The FDIC currently insures deposits up to **$250,000** per depositor, per insured bank, for each account ownership category, backed by the full faith and credit of the U.S. government.

FDIC (Federal Deposit Insurance Corporation)

What is FDIC (Federal Deposit Insurance Corporation)?

What is the primary function of the FDIC and how does its deposit insurance protect consumers?

How does the FDIC enforce Bank Secrecy Act (BSA) and Anti-Money Laundering (AML) compliance, including Know Your Customer (KYC) requirements, at insured institutions?

How does the FDIC's risk-focused examination process ensure regulatory compliance and what types of enforcement actions does it utilize?

What is the FDIC's role in overseeing compliance with economic sanctions, particularly those enforced by the Office of Foreign Assets Control (OFAC)?

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