Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive
150x172_CUEffect.jpg
Contacts
LISA MCCUEVICE PRESIDENT OF COMMUNICATIONS
EDITOR-IN-CHIEF
MICHELLE WILLITSManaging Editor
RON JOOSSASSISTANT EDITOR
ALEX MCVEIGHSTAFF NEWSWRITER
TOM SAKASHSTAFF NEWSWRITER

News Now

Washington
FFIEC issues revised BSAAML exam manual
WASHINGTON (4/30/10)--The Federal Financial Institutions Examination Council (FFIEC) has issued a revised version of its Bank Secrecy Act/Anti-Money Laundering (BSA/AML) Examination Manual. The National Credit Union Administration, the Federal Reserve, the Federal Deposit Insurance Corporation, the Office of the Comptroller of the Currency, the Office of Thrift Supervision, and the State Liaison Committee, along with the Financial Crimes Enforcement Network, collaborated on the revised manual. The revised manual clarifies supervisory expectations provided since the August 2007 update. The revisions are reflected in the table of contents. The Credit Union National Association (CUNA) has recommended that credit unions pay special attention to updates made to the core examination overview/procedures discussion that deal with basic BSA concepts, as well as the appendices. Those sections have been “streamlined and reorganized” to be “more logical,” according to a FinCEN release. Credit unions should also review the updated discussion in the expanded overview/procedures, which address specialized banking activities, where appropriate, CUNA added. Specifically, sections on currency transaction reporting exemptions, fund transfers, suspicious activity reporting (SAR), and automated clearing house transactions, among others, were amended. The revisions now contain an “enhanced” discussion of “methods to identify, research, and report suspicious activity.” The SAR section has also been reorganized “to reflect current supervisory expectations” and is now more user friendly. For the FFIEC release, use the resource link.
Other Resources

RSS





print
News Now LiveWire
Registration now open for @CUNA @WOCCU summer conference in Denver July 12-15 http://t.co/opq1jypsXL #ACUC #CUinDenver2015
6 hours ago
Emergency loans post- #Blizzard2015 offered by @ScientFCU in Conn. http://t.co/U9tIBzPOZV
7 hours ago
Did you get your spot in the @CUCB #CherryBlossom 10 Mile Run? Check lottery results here http://t.co/6rxT0osyWJ @CU4Kids @CMNHospitals
7 hours ago
@FamilyFirstFCU has implemented a grant program through the FHLB of NY to help first-time home buyers.
8 hours ago
#BREAKING: @federalreserve offers few new hints on rate-hike timing in policy statement http://t.co/lgZ6zZ1Vrr
9 hours ago