WASHINGTON — NCUA and the federal banking agencies and others have revised the Bank Secrecy Act/Anti-Money Laundering (BSA/AML) Examination Manual again.
The Federal Financial Institutions Examination Council, in collaboration with the Financial Crimes Enforcement Network and the Office of Foreign Assets Control, released an updated version of the manual Aug. 24. The revised manual aims to provide current and consistent guidance on risk-based policies, procedures, and processes for banking organizations to comply with the BSA and safeguard operations from money laundering and terrorist financing.
The sections with more significant changes are noted in the table of contents, including customer due diligence and suspicious activity reporting among others, and an index was added to this version. The revisions are based on feedback from the agencies and industry. Treasury Secretary Henry Paulson recently announced an initiative to ensure that compliance obligations are treated in a manner that helps ensure spending is in line with risk.
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