Posted by Peter Mucklestone
The Federal Financial Institutions Examination Council (FFIEC) recently released an updated 2007 version of the Bank Secrecy Act/Anti-Money Laundering (BSA/AML) Examination Manual, which updates and further clarifies supervisory expectations since the 2006 version was published last year. The Manual is used in connection with examinations of supervised financial institutions.
The revised version is based on feedback from the banking industry and examination staff. The Office of Foreign Asset Control (OFAC) collaborated on the revisions made to the section that addresses compliance with economic and trade sanctions administered and enforced by OFAC.
The 2007 version of the manual is located on the FFIEC BSA/AML InfoBase website.