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.

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
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