The Federal Financial Institutions Examination Council announced updated sections and related examination procedures in its Bank Secrecy Act/Anti-Money Laundering Examination Manual.
Regulators update BSA/AML exam manual
August 03, 2023 / By ICBA
The Federal Financial Institutions Examination Council announced updated sections and related examination procedures in its Bank Secrecy Act/Anti-Money Laundering Examination Manual.
The Federal Financial Institutions Examination Council announced updated sections and related examination procedures in its Bank Secrecy Act/Anti-Money Laundering Examination Manual.
Background: The FFIEC’s BSA/AML exam manual provides instruction to examiners for assessing banks’ compliance with anti-money-laundering and countering-the-financing-of-terrorism regulatory requirements.
Update Details: Manual updates are located within the Assessing Compliance with BSA Regulatory Requirements section and are dated 2023. They include updates related to due diligence programs for correspondent and private banking accounts as well as special information-sharing procedures to deter money laundering and terrorist activity.
Impact: Regulators said financial institutions should not interpret the updates as new instructions or an increased focus on certain areas. Instead, they are intended to offer further transparency into the examination process and to support risk-focused exam work.
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