NCUA Releases Joint Updated BSA/AML Exam Manual
WASHINGTON -- The Federal Financial Institutions Examination Council, which includes NCUA, recently released a revised version of the Bank Secrecy Act/Anti-Money Laundering Examination Manual.
The revisions further clarify supervisory expectations and codify regulatory changes since the manual was first released last summer as the agencies and the Financial Crimes Enforcement Network continue their work to provide current and consistent guidance; FinCEN is the designated administrator of the BSA. The update to the manual strives to offer consistent guidance for risk-based policies, procedures, and processes for banking organizations to comply with the BSA and safeguard operations from money laundering and terrorist financing.
Feedback from industry and exam staff was also taken into account in the update as well as comments from the Conference of State Bank Supervisors and the Office of Foreign Assets Control. The revisions are noted in the table of contents to the new version located on the Web at http://www.ffiec.gov/ bsa_aml_infobase/default.htm.