BSA/AML Exam Manual Changes

On February 25, 2021, the FFIEC announced revisions to the BSA/AML Examination Manual.  Specifically, the FFIEC added a new introduction in the “Assessing Compliance with BSA Regulatory Requirements” section and made revisions to three additional sections:

1) Customer Identification Program;

2) Currency Transaction Reporting; and,

3) Transactions of Exempt Persons.

Find all your BSA Resources HERE!

It’s important to remember this manual serves as a guide for examiners when determining whether an institution’s BSA/AML compliance program is adequate.  If you want to know what the examiners will be looking at during your next BSA/AML exam, this is where you want to look for guidance.

These new and revised sections do not impose any new requirements but they do offer further transparency into the examination process and support risk-focused examination work.  All of the revisions are identified by a 2021 date on the FFIEC BSA/AML InfoBase. 

Be sure to check out our monthly magazine, Banking on BCC, as we plan to take a closer look at these revisions in an upcoming issue.

Published
2021/02/05

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