FFIEC Launches Ambitious Revamp of BSA/AML Examination Manual: Strengthening Financial Sentinel Against Money Laundering Threats
August 4, 2023
Now, armed with this updated information, compliance officers and financial institutions can proactively harness its power, gaining a competitive edge in the collective battle against financial crime.
- The FFIEC BSA/ AML Examination Manual instructs the examiners to assess bank’s AML/CTF programs and their compliance with regulatory requirements.
- Manual Updates are located section-wise including the following:
- Due Diligence Programs for Correspondent Accounts & Financial Institutions
- Prohibition of on Accounts in Foreign Shell Banks
- Reporting duties on Foreign Banks Records
- Due Diligence Programs for Personal Bank Accounts
- Sensitive Information Sharing Procedures to Prevent Money Laundering and Terrorism Funding
- This Manual itself is not a regulatory requirement for financial institutions. The requirements are found in regulations and statutes.
- These updates shall not be considered as new instructions. These updates offer an increased transparency level in the examination process to support risk-focused approach.
- The latest updated and revised manual sections are identified by ‘2023’ in the infobase section.
- Further updates in other sections will be shared once they are completed
View and download the attachments here
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