FFIEC Updates the Bank Secrecy Act/AML Examination Manual

On December 1, 2021, the Federal Financial Institutions Examination Council (FFIEC) released a new section and updated three existing sections of the Bank Secrecy Act/Anti-Money Laundering (BSA/AML) Examination Manual (Manual). The changes are as follows:

·       Introduction - Customers (new)

·       Charities and Nonprofit Organizations

·       Independent Automated Teller Machine Owners or Operators

·       Politically Exposed Persons

The FFIEC clarifies that these updates and additions are not new requirements or restrictions for financial institutions. Nor are they notifications that federal regulators will increase scrutiny on specific areas. These changes are intended to provide financial institutions with "further transparency into the BSA/AML examination process” so that they may review and amend, as necessary, any “policies, procedures, and processes to address potential money laundering, terrorist financing, and other illicit financial activity risks.”

If you have any questions or concerns, please contact Kennedy Sutherland.