Exam council updates BSA/AML manual
(June 25, 2021) Updates to four sections of the BSA/AML manual for examiners were announced by the FFIEC this week, with the intention of offering “further transparency into the examination process and support risk-focused examination work,” the exam council said.
The four updated sections, all in portable document format (PDF), are:
- International Transportation of Currency or Monetary Instruments Reporting
- Purchase and Sale of Monetary Instruments Recordkeeping
- Reports of Foreign Financial
- Special Measures
As it typically does, the exam council noted that the updates should not be interpreted as new instructions or increased focus on certain areas; instead, it said, the updates “offer further transparency into the examination process and support risk-focused examination work.”
The exam council said NCUA, the Fed, FDIC), OCC and the council’s State Liaison Committee (SLC) worked closely with Treasury’s Financial Crimes Enforcement Network (FinCEN) on Monday’s updates, which it said are identified by a 2021 date label on the FFIEC BSA/AML InfoBase.
The updated sections are accessible on the InfoBase “what’s new” page.