Latest Updates
Aug. 29, 2024 – The Federal Financial Institutions Examination Council (FFIEC) today issued a new booklet to help examiners assess information technology practices.
The “Development, Acquisition, and Maintenance” booklet provides examiners with fundamental examination expectations regarding entities’ development and acquisition planning and execution, governance and risk management, and maintenance and change management practices. It discusses the interconnectedness of an entity’s assets and processes and those of its third-party service providers along with information to help examiners assess whether management adequately addresses risks and complies with applicable laws and regulations.
The booklet reflects the changing technological environment and increasing need for security and resilience. It also highlights the importance of providing examiners with current information regarding safety and soundness, consumer protection, and provision of secure and resilient business services to customers. This new booklet replaces the “Development and Acquisition” booklet issued in April 2004.
The complete FFIEC Information Technology Examination Handbook is available at https://ithandbook.ffiec.gov/.
FinCEN Requests Comments on Renewal of the OMB Control Number for Bank Secrecy Act Requirements in Connection with Reports of Foreign Financial Accounts Regulations and FinCEN Form 114, Reports of Foreign Bank and Financial Accounts (FBAR)
Aug. 10, 2023 — The Financial Crimes Enforcement Network (FinCEN) published in the Federal Register a 60-day notice to renew the Office of Management and Budget (OMB) control number assigned to existing Bank Secrecy Act regulations at 31 CFR 1010.350, 1010.306, and 1010.420. Specifically, the regulations require each U.S. person having a financial interest in, or signature or other authority over, a bank, securities, or other financial account in a foreign country to report such relationship to the Commissioner of Internal Revenue for each year such relationship exists, and to provide and report such information specified in a reporting form prescribed under 31 U.S.C. 5314. The notice is required to give the public an opportunity to comment on existing regulatory requirements and burden estimates. The notice requests feedback from industry on or before October 10, 2023. FinCEN encourages the public to review this notice and provide comment.
FinCEN Updates: Treasury Officials Visit Kentucky and Ohio to Meet with Financial Institutions, Hold FinCEN Exchange on Combatting Fentanyl Trafficking
Aug. 9, 2023 —Financial Crimes Enforcement Network (FinCEN) Acting Director Himamauli Das joined Treasury Under Secretary for Terrorism and Financial Intelligence (TFI) Brian Nelson in traveling to Kentucky and Ohio this week to highlight FinCEN’s efforts to combat fraud and illegal fentanyl trafficking, as well as its ongoing work to implement beneficial ownership information reporting requirements.
FinCEN Officials Travel to Mexico for Meetings with Mexican Counterparts on Illicit Finance Trends Associated with Fentanyl and Other Threats
Aug. 5, 2023 —This past week, officials from the Financial Crimes Enforcement Network (FinCEN) traveled to Mexico City to reinforce its continuing commitment to close collaboration with the Mexican government to combat illicit finance. FinCEN hosted a cross-border roundtable on the shared priorities of combating fentanyl and other drug trafficking, human smuggling and trafficking, and other predicate crimes.
FinCEN Requests Comments on Renewal of the OMB Control Number for Bank Secrecy Act Requirements in Connection with Reports Relating to Currency in Excess of $10,000 Received in a Trade or Business or Received as Bail by Court Clerks; Form 8300
Aug. 3, 2023 — The Financial Crimes Enforcement Network (FinCEN) published in the Federal Register a 60-day notice to renew the Office of Management and Budget (OMB) control number assigned to existing Bank Secrecy Act regulations at 31 CFR 1010.330 and 1010.331. Specifically, the regulations require that (1) any person engaged in a trade or business who, in the course of such trade or business, receives more than $10,000 in coins or currency in one transaction or two or more related transactions, or (2) a federal or state court clerk who receives more than $10,000 in currency as bail, report such transaction/s to both FinCEN and the Internal Revenue Service. The notice is required to give the public an opportunity to comment on existing regulatory requirements and burden estimates. The notice requests feedback from industry on or before October 2, 2023. FinCEN encourages the public to review this notice and provide comment.
Updates to FFIEC BSA Examination Manual
Aug. 3, 2023 — The FFIEC members have reorganized some existing sections of the Manual to create new, individual sections based on specific regulations. Modifications to the six sections included in this release are detailed below. Sections have been deleted from the “Risks Associated with Money Laundering and Terrorist Financing” portion of the Manual. Concepts from the deleted sections are now included within related sections of “Assessing Compliance with BSA Regulatory Requirements.”
There were no changes to the regulatory requirements covered by these sections. The agencies made revisions to ensure language clearly distinguishes between mandatory regulatory requirements and considerations set forth in guidance or supervisory expectations. The updated sections provide further transparency into the BSA/AML examination process and do not establish new requirements. The FFIEC revised the sections in close collaboration with Treasury’s Financial Crimes Enforcement Network.
Revised Section: Special Information Sharing Procedures to Deter Money Laundering and Terrorist Activity
Updated and retitled the previous Information Sharing section to align with the regulations at 31 CFR 1010.520 and 31 CFR 1010.540.
Revised Section: Due Diligence Programs for Correspondent Accounts for Foreign Financial Institutions
Updated and combined the previous Foreign Correspondent Account Recordkeeping, Reporting and Due Diligence section and Correspondent Accounts (Foreign) sections and retitled to align with the regulation at 31 CFR 1010.610.
Revised Section: Due Diligence Programs for Private Banking Accounts
Updated and combined the previous Private Banking Due Diligence Program (Non-US Persons) and Private Banking sections and retitled to align with the regulation at 31 CFR 1010.620.
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July 28, 2023
Agencies update guidance on liquidity risks and contingency planning
- Board of Governors of the Federal Reserve System
- Federal Deposit Insurance Corporation
- National Credit Union Administration
- Office of the Comptroller of the Currency
Federal financial institution regulatory agencies today updated their existing guidance on liquidity risks and contingency planning. The updated guidance highlights that depository institutions should regularly evaluate and update their contingency funding plans.
The updated guidance encourages depository institutions to incorporate the discount window as part of their contingency funding plans. Consistent with other contingency funding sources, the guidance reinforces the supervisory expectation that if the discount window is part of a depository institution’s contingency funding plans, the depository institution should establish and maintain operational readiness to use the discount window, which includes conducting periodic transactions.
The discount window can readily provide funding for depository institutions and the Central Liquidity Facility can do so for credit unions. The guidance applies to all depository institutions supervised by the agencies.
March 24, 2023 — The Financial Crimes Enforcement Network (FinCEN) published its first set of guidance materials to assist the small business community in understanding upcoming beneficial ownership (BOI) reporting requirements that take effect on January 1, 2024.
The resources are available on FinCEN’s beneficial ownership information reporting webpage, www.fincen.gov/boi, and include:
FAQs: https://www.fincen.gov/boi-faqs
Key Filing Dates: https://www.fincen.gov/sites/default/files/shared/BOI_Reporting_Filing_Dates-Published03.24.23_508C.pdf
Key Questions: https://www.fincen.gov/sites/default/files/shared/BOI_Reporting_Key_Questions_Published_508C.pdf
Introductory Video: https://youtu.be/nx48tPUbRK0
A More Detailed Informational Video: https://youtu.be/qP5V9k3ypl0
July 6, 2022 — The Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the Financial Crimes Enforcement Network, the National Credit Union Administration, and the Office of the Comptroller of the Currency (collectively, the Agencies) today issued a joint statement to remind banks of the risk-based approach to assessing customer relationships and conducting customer due diligence. This statement does not alter existing Bank Secrecy Act/Anti-Money Laundering legal or regulatory requirements, nor does it establish new supervisory expectations.
The Agencies recognize that it is important for customers engaged in lawful activities to have access to financial services. Therefore, the Agencies are reinforcing a longstanding position that no customer type presents a single level of uniform risk or a particular risk profile related to money laundering, terrorist financing, or other illicit financial activity.
Federal and State Regulators Release Updates to the BSA/AML Examination Manual
June 21, 2021 — The Federal Financial Institutions Examination Council (FFIEC) today released updates to four sections of the Bank Secrecy Act/Anti-Money Laundering (BSA/AML) Examination Manual (Manual). Today’s updates affect the following Manual sections:
- International Transportation of Currency or Monetary Instruments Reporting (PDF)
- Purchase and Sale of Monetary Instruments Recordkeeping (PDF)
- Reports of Foreign Financial Accounts (PDF)
- Special Measures (PDF)
The updates should not be interpreted as new instructions or increased focus on certain areas; instead, they offer further transparency into the examination process and support risk-focused examination work. View the entire press release
FFIEC Announces Availability of 2020 Data on Mortgage Lending
June 17, 2021 – The Federal Financial Institutions Examination Council (FFIEC) today announced the availability of data on 2020 mortgage lending transactions at 4,475 U.S. financial institutions reported under the Home Mortgage Disclosure Act (HMDA). Covered institutions include banks, savings associations, credit unions, and mortgage companies.
The HMDA data are the most comprehensive publicly available information on mortgage market activity. They are used by industry, consumer groups, regulators, and others to assess potential fair lending risks and for other purposes.