BSA/AML exam manual updated, council reports

Updates to four sections of the Bank Secrecy Act/anti-money laundering (BSA/AML) examination manual for financial institution examiners were announced Monday by the federal financial institution regulators’ umbrella examination council.

The manual, published by the Federal Financial Institutions Examination Council (FFIEC), provides instructions to examiners for assessing the adequacy of a bank’s or credit union’s BSA/AML compliance program and its compliance with BSA regulatory requirements.

The four updated sections, all in portable document format (PDF) are:

  • International Transportation of Currency or Monetary Instruments Reporting
  • Purchase and Sale of Monetary Instruments Recordkeeping
  • Reports of Foreign Financial
  • Special Measures

The updates “offer further transparency into the examination process and support risk-focused examination work,” the council said in its announcement.

The council said the Federal Reserve Board, the Federal Deposit Insurance Corp. (FDIC), the National Credit Union Administration (NCUA), the Office of the Comptroller of the Currency (OCC), and the State Liaison Committee worked closely with Treasury’s Financial Crimes Enforcement Network (FinCEN) on Monday’s updates, which it said are identified by a 2021 date label on the FFIEC BSA/AML InfoBase.

The updated sections are accessible on the InfoBase “what’s new” page.

FFIEC BSA/AML InfoBase – What’s New