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FFIEC updates BSA/AML manual

Christian Larson, Cadwalader Wickersham & Taft, Associate, New York, 29 June 2021

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The US Federal Financial Institutions Examination Council has updated four sections and respective examination procedures in its Bank Secrecy Act/Anti-Money-Laundering Examination Manual.

The manual guides examiners (inspectors) in their evaluation of institutions' BSA/AML compliance. FFIEC says that the updates do not provide new instructions for examiners, nor do they exhort them to pay more attention to any particular areas. Instead, they are intended to provide firms with more clues about the existing examination process.

FFIEC has updated the following sections of the manual.

  • International Transport of Currency or Monetary Instruments Reporting.
  • Purchase and Sale of Certain Monetary Instruments Recordkeeping.
  • Reports of Foreign Financial Accounts.
  • Special Measures.

The updated sections of the manual outline the rules for specific areas of AML regulation more clearly than before. Although the manual is directed towards examiners, its contents are useful to compliance officers at financial institutions as training and reference materials.

* Christian Larson can be reached on +1 202 862 2402 or at christian.larson@cwt.com

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