The Federal Financial Institutions Examination Council, FFIEC, has released a new section and updates to three sections of the Bank Secrecy Act/Anti-Money Laundering Examination Manual.
The updates should not be interpreted as new requirements or as a new or increased focus on certain areas, according to the FFIEC. Rather, the sections provide information and considerations related to certain customers/members that may indicate the need for financial institution policies, procedures and processes to address potential money laundering, terrorist financing and other illicit financial activity risks. These sections also provide further transparency into the BSA/AML examination process.
The updates affect the following sections:
- Introduction — customers (new);
- Charities and Nonprofit Organizations;
- Independent Automated Teller Machine Owners or Operators; and
- Politically Exposed Persons.
The FFIEC is made up of representatives from the NCUA, CFPB, Federal Reserve, FDIC, OCC and the SLC.