Federal Financial Institutions Examination Council Releases Updates to Bank Secrecy Act/Anti-Money Laundering Examination Manual

Today the FFIEC issued updates to 6 chapters of their BSA/AML Examination Manual. This was more of an organizational update than a substantive one. In their press release, the Federal Reserve notes that there “were no changes to the regulatory requirements covered by these sections.” Of the six sections that were updated, the one that will pertain most to credit unions is Special Information Sharing Procedures to Deter Money Laundering and Terrorist Activity, which covers procedures for 314(a) and 314(b) information sharing.

"We appreciate the FFIEC’s updating of their examination manual to remain consistent with regulations. Examination manuals are extremely useful tools credit unions can use to keep their procedures current and compliant. I encourage all of our credit union compliance and BSA/AML staff to use this manual when reviewing and updating their BSA policies and procedures," noted League Chief Advocacy Officer JT Blau.

More here, and view the full manual here: https://bsaaml.ffiec.gov/manual