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BSA/AML Examination Manual Updated

BSA/AML Examination Manual Updated

Posted: Aug 09 2023
The Federal Financial Institutions Examination Council has updated sections and related examination procedures in the FFIEC Bank Secrecy Act/Anti-Money Laundering Examination Manual. The updates are located within the “Assessing Compliance with BSA Regulatory Requirements” section and address topics such as correspondent accounts for foreign financial institutions and reporting obligations on foreign bank relationships with Iranian-linked institutions.

Financial institutions should not interpret the updates as new instructions or an increased focus on certain areas, FFIEC said. The updates instead are intended to offer further transparency into the examination process and support risk-focused examination work.
 
To read more, visit: https://www.ffiec.gov/press/an080223.htm

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