FFIEC members have added a new introductory section and revised content in the Customer Identification Program, Currency Transaction Reporting, and Transactions of Exempt Persons. The Manual provides instructions to examiners for assessing the adequacy of a bank’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 updates should not be interpreted as new instructions or as a new or increased focus on certain areas; instead, they offer further transparency into the examination process and support risk-focused examination work. The FFIEC revised the sections in close collaboration with Treasury’s Financial Crimes Enforcement Network.
During this webinar we will cover these changes and what you need to do and know!
- New Section: Assessing Compliance with BSA Regulatory Requirements
- Revised Customer Identification Program
- Revised Currency Transaction Reporting
- Revised Transactions of Exempt Persons
- Each section has rewritten exam procedures
- A “To do” list for you
- New Audit checklist
- Hot Spots in these exam areas