On 12/1/21, the Federal Financial Institutions Examination Council (FFIEC) released their fourth update of their BSA/AML Examination Manual. This release, which is the fourth update in the last two years, added one new section and updated three existing sections of the Bank Secrecy Act/Anti-Money Laundering (BSA/AML) Examination Manual.
These newest updates affect the following sections:
Introduction - Customers (new)
Charities and Nonprofit Organizations
Independent Automated Teller Machine Owners or Operators
Politically Exposed Persons
In their release, the FFIEC again explained that the updates should not be interpreted as new requirements or as a new or increased focus on certain areas. Rather, these sections provide information and considerations related to certain customers that may indicate the need for bank policies, procedures, and processes to address potential money laundering, terrorist financing, and other illicit financial activity risks. These sections provide further transparency into the BSA/AML examination process.
The full FFIEC release can be found here.
