The Federal Financial Institutions Examination Council ("FFIEC") updated four sections and respective examination procedures in its Bank Secrecy Act / AML ("BSA/AML") Examination Manual. The FFIEC BSA/AML Examination Manual guides examiners in their evaluation of institutions' BSA/AML compliance programs and compliance with related regulatory requirements. The FFIEC stated that the updates do not provide new instructions for examiners or reflect an increased focus on certain areas, but rather are intended to provide additional transparency regarding the existing examination process.
The FFIEC updated the following sections of the manual:
- International Transportation of Currency or Monetary Instruments Reporting;
- Purchase and Sale of Certain Monetary Instruments Recordkeeping;
- Reports of Foreign Financial Accounts; and
- Special Measures.
Commentary Christian Larson
The updated sections of the manual more clearly outline the requirements for specific areas of AML regulation. Although the manual is directed toward examiners, its contents are useful to financial institutions as training and reference materials.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.