Reduce liability for losses on commercial accounts by adhering to four requirements.
FFIEC releases revised Bank Secrecy Act/AML examination manual
Aug 24 - The Federal Financial Institutions Examination Council has released the revised Bank Secrecy Act/Anti-Money Laundering Examination Manual.
- The FFIEC has released the 2007 version of the BSA/AML Examination Manual.
- The revised manual reflects the ongoing commitment of the federal banking agencies and the Financial Crimes Enforcement Network (FinCEN) to provide current and consistent guidance on risk-based policies, procedures and processes for banking organizations to comply with the BSA and safeguard operations from money laundering and terrorist financing.
- The manual has been updated to further clarify supervisory expectations and incorporate regulatory changes since the manual's 2006 release. The revisions also reflect feedback from the banking industry and examination staff.
- New and revised sections of the manual are identified in the table of contents by a 2007 revision date and in the attached Interagency Transmittal Letter.
The revised manual can be accessed from the FFIEC BSA/AML InfoBase at: http://www.ffiec.gov/bsa_aml_infobase/default.htm.