Updates to four sections of the Bank Secrecy Act/Anti-Money Laundering (BSA/AML) Examination Manual (Manual).

WASHINGTON – The Federal Financial Institutions Examination Council (FFIEC), of which NCUA is a member, has released updates to four sections of the Bank Secrecy Act/Anti-Money Laundering (BSA/AML) Examination Manual (Manual).

According to the FFIEC, the 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,” the FFIEC said.

The FFIEC added the Manual provides instructions to examiners for assessing the adequacy of a bank’s or credit union’s BSA/AML compliance program and its compliance with BSA regulatory requirements and reminded the Manual itself does not establish requirements for banks; such requirements are found in statutes and regulations.

In addition to NCUA, the FFIEC includes the Federal Reserve Board, the FDIC the Office of the Comptroller of the Currency, and the State Liaison Committee.