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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.
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