FFIEC Releases Updated BSA/AML Exam Manual

On August 2, 2023, the FFIEC, on behalf of its members, released updates to the following sections of the Bank Secrecy Act/Anti-Money Laundering Examination Manual.

  • 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

According to the FFIEC, the updates should not be interpreted as new instructions or increased focus on certain areas; instead, they offer further transparency into the examination process and support risk-focused examination work.

The FFIEC’s announcement can be found here.

The BSA/AML manual can be accessed here.

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