FFIEC Launches Ambitious Revamp of BSA/AML Examination Manual: Strengthening Financial Sentinel Against Money Laundering Threats

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.

Key Takeaways:

• 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