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.