On November 26, 2014, the Federal Financial Institutions Examination Council ("FFIEC") released the revised Bank Secrecy Act/Anti-Money Laundering ("BSA/AML") Examination Manual, which makes significant changes to the manual released in June 2010. The revised manual provides federal and state banking agencies with guidance on risk-based policies and actions for banking organizations to comply with the BSA and protect their operations from money laundering and terrorist financing. The Manual also includes sections that address compliance with regulations and sanctions programs administered and enforced by the US Office of Foreign Assets Control ("OFAC"). Banking organizations are expected to familiarize themselves with the relevant revisions and make the necessary updates to their BSA/AML and OFAC compliance programs. Summaries for the most important updates can be found in the interagency statement which is linked below.
The FFIEC Bank Secrecy Act/Anti-Money Laundering Examination Manual is available at: http://www.occ.gov/publications/publications-by-type/other-publicationsreports/ffiec-bsa-aml-examination-manual.pdf.
The interagency statement is available at: http://www.occ.gov/news-issuances/bulletins/2014/bulletin-2014-60a.pdf.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
