BSA/AML Examination Manual Updated
The Federal Financial Institutions Examination Council (FFIEC) released updates to the Bank Secrecy Act/Anti-Money Laundering Examination Manual. According to the FFIEC, the updates should not be interpreted as new instructions or increased focus on certain areas. They instead are intended to offer further transparency into the examination process and support risk-focused examination work.
The following sections have been updated:
- Special Information Sharing Procedures to Deter Money Laundering and Terrorist Activity
- Due Diligence Programs for Correspondent Accounts for Foreign Financial Institutions
- Due Diligence Programs for Private Banking Accounts
- Prohibition on Correspondent Accounts for Foreign Shell Banks; Records Concerning Owners of Foreign Banks and Agents for Service of Legal Process
- Summons or Subpoena of Foreign Bank Records; Termination of Correspondent Relationship; Records Concerning Owners of Foreign Banks and Agents for Service of Legal Process
- Reporting Obligations on Foreign Bank Relationships with Iranian-Linked Financial Institutions
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