Late last week the Federal Financial Institutions Examination Council, which includes the NCUA, updated four sections of the BSA/AML Examination Manual.
The updates should not be interpreted as new instructions or as a new or increased focus on certain areas, but instead provide further transparency into the examination process and support risk-focused examination work, according to the FFIEC.
Updates affect the following sections:
- Introduction: “Assessing Compliance with Bank Secrecy Act Regulatory Requirements;”
- Customer Identification Program;
- Currency Transaction Reporting; and
- Transactions of Exempt Persons.
In addition to the NCUA, the FFIEC includes representatives from the Federal Reserve, FDIC, OCC and the State Liaison Committee
The updates will be identified by a 2021 update on the FFIEC BSA/AML infobase, and future updates will be announced as they are completed, according to the FFIEC.