The US Federal Financial Institutions Examination Council (FFIEC) has released updates to four sections of its Bank Secrecy Act/Anti-Money Laundering (BSA/AML) Examination Manual.
The FFIEC has updated the manual’s Introduction, Customer Identification Program, Currency Transaction Reporting and Transactions of Exempt Persons sections. These updates to the manual are not new instructions. Rather, their addition seeks to enhance the transparency and risk-focused nature of the examination process.
The FFIEC manual informs examiners about how to examine the rigor of a financial institution’s BSA/AML compliance program. It further helps examiners assess a financial institution’s compliance with BSA regulatory requirements.
Source: Federal Financial Institutions Examination Council, USA