FFIEC Updates its BSA/AML Exam Manual

The Federal Financial Institutions Examination Council today released a new section and updates to three chapters of its Bank Secrecy Act/anti-money laundering examination manual.

The updates, which regulators said should not be interpreted as new requirements or increased focus on certain areas, affect the following sections of the manual: introduction/customers (new); charities and nonprofit organizations; independent automated teller machine owners or operators; and politically exposed persons.

The sections provide information about 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. They also provide further transparency into the BSA/AML examination process, reminding users that “no specific customer type automatically presents a higher risk” of illegal financial actions.