Agencies update 4 sections of BSA/AML exam manual

(Feb. 26, 2021) Updates to four sections of the Bank Secrecy Act/Anti-Money Laundering (BSA/AML) Examination Manual were released Thursday by NCUA, federal banking regulators and the State Liaison Committee of the FFIEC.

Sections updated were the introduction (“Assessing Compliance with Bank Secrecy Act Regulatory Requirements”), customer identification program, currency transaction reporting (CTR) and transactions of exempt persons.

As they typically do, the agencies and the committee noted that the updates “should not be interpreted as new instructions or as a new or increased focus on certain areas.” Instead, they said, the updates are intended to offer further transparency into the examination process and support risk-focused examination work.

LINK:
Federal and State Regulators Release Updates to the BSA/AML Examination Manual