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Federal and State Regulators Release Updates to BSA/AML Examination Manual  

April 15, 2020 / Source: FFIEC

Press Release

For Immediate Release

April 15, 2020

 

Federal and State Regulators Release Updates to BSA/AML Examination Manual  

 

The Federal Financial Institutions Examination Council (FFIEC) today released several updates to the Bank Secrecy Act/Anti-Money Laundering (BSA/AML) examination manual. The manual is used to evaluate compliance with the Bank Secrecy Act and anti-money laundering requirements.

 

The agencies are aware of the uncertainty faced by financial institutions during this unprecedented time. The manual update, which supports tailored examination work, has been in process for an extended period and should not be interpreted as new instructions or as a new or increased focus.

 

The updates offer further transparency into the examination process and establish no new requirements. Today’s updates provide instructions to examiners for risk-focusing BSA/AML examinations and assessing a bank’s BSA/AML compliance program.

 

The Federal Reserve Board, the Federal Deposit Insurance Corporation, the National Credit Union Administration, the Office of the Comptroller of the Currency, and the State Liaison Committee worked closely with Treasury’s Financial Crimes Enforcement Network on today’s updates. Updates to other sections of the manual will be announced as they are completed.


 

Attachments:

·  FFIEC BSA/AML Examination Manual Updates (PDF)

·  Interagency Statement (PDF)

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The FFIEC was established in March 1979 to prescribe uniform principles, standards, and report forms and to promote uniformity in the supervision of financial institutions. The Council has six voting members: the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the Office of the Comptroller of the Currency, the National Credit Union Administration, the Consumer Financial Protection Bureau, and the State Liaison Committee. The Council’s activities are supported by interagency task forces and by an advisory State Liaison Committee, comprised of five representatives of state agencies that supervise financial institutions.

 

Media Contacts:

Federal Reserve

Darren Gersh

(202) 452-2955

CFPB

Marisol Garibay

(202) 435-7170

FDIC

Brian Sullivan

(202) 898-6984

NCUA

Ben Hardaway

(703) 518-6333

OCC

Stephanie Collins

(202) 649-6870

SLC

Jim Kurtzke

(202) 728-5733