on 6/21/2021, the Federal Financial Institutions Examination Council (FFIEC) announced additional updates to four more sections of their BSA/AML Examination Manual. The long-time Exam Manual provides instructions to examiners for assessing the adequacy of a bank’s or credit union’s BSA/AML compliance program and its compliance with BSA regulatory requirements. The new updates to the Exam Manual are the second round in 2021 and the third round of updates since January 2020. These updates mark the regulators quest for updating the majority of the Exam Manual, though they have repeatedly stated that all updates should not be interpreted as new instructions or increased focus on certain areas.

Current updates include sections on:

International Transportation of Currency or Monetary Instruments Reporting
Purchase and Sale of Monetary Instruments Recordkeeping
Reports of Foreign Financial
Special Measures

As one might expect, we will be covering these new changes to the BSA/Exam manual in our next Quarterly Compliance Update.

The Updated BSA/AML Exam Manual can be found here.

The FFIEC release can be found here.

Adam Witmer

Adam Witmer is a speaker, author, and founder of the Compliance Cohort. Adam has taught hundreds of seminars and training sessions to thousands of bankers throughout the United States and teaches on all areas of regulatory compliance. Adam has written five e-books that he never published, hit a grizzly bear while driving in a National Park, and is an award winning photographer and musician (though he no longer takes photos nor plays any instruments). In his spare time, Adam can be found kayaking on the lake, doing taekwondo with his kids, working on his (project) house, or spending time with his family.

Website

Become a Free Member