The Federal Financial Institutions Examination Council released updated sections and related examination procedures to the Bank Secrecy Act/Anti-Money Laundering Examination Manual on Wednesday that provide instructions for examiners when assessing the adequacy of a financial institution’s BSA/AML compliance program.
The updated sections are intended to provide transparency into the BSA/AML examination process and do not establish new requirements, according to the FFIEC. NCUA, the Board of Governors of the Federal Reserve System, Federal Deposit Insurance Corporation, of the Comptroller of the Currency, and State Liaison Committee revised the sections in collaboration with Treasury’s Financial Crimes Enforcement Network.
Revisions were made “to ensure language clearly distinguishes between mandatory regulatory requirements and supervisory expectations set forth in guidance” and incorporate regulatory changes since the last manual update in 2014, according to the FFIEC. Revisions were made to the following sections:
- Risk-Focused BSA/AML Supervision;
- Assessing the BSA/AML Compliance Program;
- BSA/AML Risk Assessment; and
- Developing Conclusions and Finalizing the Exam.
The FFIEC full interagency statement regarding updated sections and related examination procedures to the Bank Secrecy Act/Anti-Money Laundering Examination Manual can be accessed by clicking here.