The Federal Financial Institutions
Examination Council (FFIEC) today released the Bank Secrecy Act/Anti-Money Laundering
Examination Manual (FFIEC BSA/AML Examination Manual). The manuals release marks an important step
forward in the effort to ensure the consistent application of the BSA to all
banking organizations including commercial banks, savings associations, and
credit unions.
The FFIEC BSA/AML Examination
Manual was developed by the Board of Governors of the Federal Reserve System
(Board), Federal Deposit Insurance Corporation (FDIC), National Credit Union
Administration (NCUA), Office of the Comptroller of the Currency (OCC), and
Office of Thrift Supervision (OTS) (collectively referred to as the federal
banking agencies) in collaboration with the Financial Crimes Enforcement
Network (FinCEN), the delegated administrator of the BSA. In addition, through the Conference of State
Bank Supervisors, the state banking agencies played a consultative role. The Office of Foreign Assets Control
collaborated on the development of core overview and examination procedures addressing
compliance with regulations enforced by OFAC.
The FFIEC BSA/AML Examination
Manual emphasizes a banking organizations responsibility to establish and
implement risk-based policies, procedures, and processes to comply with the BSA
and safeguard its operations from money laundering and terrorist
financing. The BSA/AML examination
procedures will guide examiners through an evaluation of a banking
organizations BSA/AML compliance program regardless of its size or business
lines. The majority of the FFIEC
BSA/AML Examination Manual provides narrative guidance and resource materials
rather than specific examination procedures.
This includes an overview of the BSA requirements and the federal
banking agencies supervisory expectations in this area.
The Board, FDIC, OCC, OTS, and FinCEN
have planned a series of events to brief the banking industry and field
examiners on the FFIEC BSA/AML Examination Manual. These events include nationwide conference calls, regional
outreach meetings, and a simulcast via the Internet. Banking organizations are encouraged to participate in these
voluntary sessions. (More information
on these events is attached in a fact sheet.)
Registration
details for the industry calls, regional outreach meetings, and the simulcast
will be communicated shortly to the banking industry via separate notice.
###
Media Contacts:
FDIC David
Barr (202) 898-6992
Federal Reserve Andrew
Williams (202) 452-2955
OCC Kevin
Mukri (202) 874-5770
OTS Erin
Hickman (202) 906-6677
NCUA Cherie
Umbel (703) 518-6330
FinCEN Sheri
James (703) 905-3770