The Federal Financial Institutions Examination Council on Monday released updates to four sections of the BSA/AML examination manual. The updates affect the following manual sections:
• International Transportation of Currency or Monetary Instruments Reporting;
• Purchase and Sale of Monetary Instruments Recordkeeping;
• Reports of Foreign Financial Accounts; and
According to the NCUA, updates should not be interpreted as new instructions or increased focus on certain areas; instead, they offer further transparency into the examination process and support risk-focused examination work.
In addition to the NCUA, representatives from the Federal Reserve, FDIC, OCC and the SLC worked with the U.S. Treasury’s Financial Crimes Enforcement Network on the updates. Updates to other sections of the manual will be announced as they are completed.