New BSA/AML Exam Manual

The Federal Financial Institutions Examinations Council ("FFIEC"), the multi-agency group that harmonizes regulatory policies and includes the Board of Governors of the Federal Reserve System, Federal Deposit Insurance Corporation, National Credit Union Administration,
Office of the Comptroller of the Currency, Office of Thrift Supervision, Financial Crimes Enforcement Network, and Conference of State Bank Supervisors, announces a new Bank Secrecy Act/Anti-Money Laundering Examination Manual. 

The announcement of this new manual highlights the changes in Customer Due Diligence, Suspicious Activity Reporting, Foreign Correspondent Account Recordkeeping and Due Diligence, OFAC and ACH transactions, Electronic Banking, Money Laundering and Terrorist Financing "Red Flags", and more.

Link:  http://www.ffiec.gov/pdf/bsa_transmittal.doc

(ag) Sept. 4, 2007, in BSA/AML