August 6, 2023

FFIEC updates its BSA/AML Examination Manual

The Office of the Comptroller of the Currency (“OCC”) recently announced that the Federal Financial Institutions Examination Council (“FFIEC”) updated several sections of the Bank Secrecy Act/Anti-Money Laundering (“BSA/AML”) Examination Manual.   The FFIEC reports that the following sections were updated to offer further transparency into the examination process and support risk-focused examination work.

  • “Special Information Sharing Procedures to Deter Money Laundering and Terrorist Activity”
  • “Due Diligence Programs for Correspondent Accounts for Foreign Financial Institutions”
  • “Due Diligence Programs for Private Banking Accounts”
  • “Prohibition on Correspondent Accounts for Foreign Shell Banks; Records Concerning Owners of Foreign Banks and Agents for Services of Legal Process”
  • “Summons or Subpoena of Foreign Bank Records; Termination of Correspondent Relationship; Records Concerning Owners of Foreign Banks and Agents for Service of Legal Process”
  • “Reporting Obligations on Foreign Bank Relationships With Iranian-Linked Financial Institutions”