Newsroom
FFIEC updates BSA exam manual, adds new section
The Federal Financial Institutions Examination Council (FFIEC), which includes the NCUA, Thursday released an update to its Bank Secrecy Act (BSA)/anti-money laundering (AML) examination manual. The manual guides examiners by providing instructions for assessing the adequacy of a financial institution's BSA/AML compliance program and its compliance with BSA-related regulatory requirements.
The updates encompass a number of issues, including:
- the addition of a new introductory section – "Assessing Compliance with BSA Regulatory Requirements;"
- customer identification program;
- currency transaction reporting; and
- transactions of exempt persons.
Of note, the agencies highlighted that the updates should not be interpreted as new instructions or as a new or increased focus on certain areas; however, they offer further transparency into the examination process and support risk-focused examination work.
Access the updated manual here. As indicated by the agencies, updates to other sections of the manual will be announced as they are completed.
The latest edition of NAFCU's member-only Compliance Monitor features a review of the NCUA's 2021 supervisory priorities, including BSA/AML compliance, and provides a round-up of resources to assist credit unions.