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Federal and state regulators release updates to the BSA/AML examination manual

ALEXANDRIA, VA (June 21, 2021) — The Federal Financial Institutions Examination Council (FFIEC) today released updates to four sections of the Bank Secrecy Act/Anti-Money Laundering (BSA/AML) Examination Manual (Manual). Today’s updates affect the following Manual sections:

The updates should not be interpreted as new instructions or increased focus on certain areas; instead, they offer further transparency into the examination process and support risk-focused examination work.

The Manual provides instructions to examiners for assessing the adequacy of a bank’s or credit union’s BSA/AML compliance program and its compliance with BSA regulatory requirements. The Manual itself does not establish requirements for banks; such requirements are found in statutes and regulations.

The Federal Reserve Board, the Federal Deposit Insurance Corporation, the National Credit Union Administration, the Office of the Comptroller of the Currency, and the State Liaison Committee worked closely with Treasury’s Financial Crimes Enforcement Network on today’s updates. These updates are identified by a 2021 date label on the FFIEC BSA/AML InfoBase. Updates to other sections of the Manual will be announced as they are completed.

Agency Contact Phone
Federal Reserve Darren Gersh 202.452.2955
CFPB Michael Robinson 202.435.7170
FDIC Julianne Breitbeil 202.898.6895
NCUA Joseph Adamoli 703.518.6330
OCC Stephanie Collins 202.649.6870
SLC Catherine Pickels 202.728.5734

About National Credit Union Administration (NCUA)

The NCUA is the independent federal agency created by the U.S. Congress to regulate, charter and supervise federal credit unions. With the backing of the full faith and credit of the United States, the NCUA operates and manages the National Credit Union Share Insurance Fund, insuring the deposits of more than 135 million account holders in all federal credit unions and the overwhelming majority of state-chartered credit unions. The NCUA also protects consumers and educates the public on consumer protection and financial literacy issues.

Contacts

Ben Hardaway
BHardaway@ncua.gov
703.518.6333

 

Joe Adamoli
JAdamoli@ncua.gov
703.518.6572

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