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Bank Secrecy Act/Anti-Money Laundering Examination Manual Update

BSA/AML, OFAC and Fraud
April 15, 2020

Summary:

The Federal Financial Institutions Examination Council (FFIEC) is updating several sections and related examination procedures in the FFIEC Bank Secrecy Act/Anti-Money Laundering (BSA/AML) Examination Manual.

Statement of Applicability to Institutions: This Financial Institution Letter (FIL) applies to FDIC-supervised banks and savings associations.

Highlights:

  • The Federal Financial Institutions Examination Council (FFIEC) is updating several sections and related examination procedures in the FFIEC Bank Secrecy Act/Anti-Money Laundering (BSA/AML) Examination Manual, which provides instructions to examiners for assessing a bank's BSA/AML compliance program.
  • The updated sections provide transparency into the BSA/AML examination process and do not establish new requirements.
  • Many of the revisions are designed to emphasize and enhance the risk-focused approach to BSA/AML supervision.
  • Information on the updated sections can be found in the attached interagency statement.
  • New and revised sections of the Manual are identified by a 2020 date in the table of contents and on the FFIEC BSA/AML InfoBase.
  • Updates to the remaining sections will be released in phases at a later date.
  • The FDIC understands that financial institutions are faced with uncertainty during this unprecedented time. This Manual update, which supports tailored examination work, has been in process for an extended period and should not be interpreted as new instructions or as an augmented focus.
  • FDIC-supervised institutions should contact their FDIC regional offices to discuss any concerns with filing BSA reports. Consistent with FinCEN's March 16, 2020 press release, financial institutions should contact FinCEN as soon as practicable if there are concerns about any potential delays in filing required BSA reports.

Suggested Distribution:

FDIC-Supervised Institutions

Suggested Routing:

Chief Executive Officer
BSA Compliance Officer

Paper copies of FDIC FILs may be obtained through the FDIC's Public Information Center, 3501 Fairfax Drive, E-1002, Arlington, VA 22226 (1-877-275-3342 or 703-562-2200).

Additional Related Topics:

  • Interagency Statement on Risk-Focused Bank Secrecy Act/Anti-Money Laundering Supervision
  • FFIEC BSA/AML InfoBase
Attachment(s)
FFIEC Bank Secrecy Act/Anti-Money Laundering Examination Manual
FFIEC Interagency Statement: April 2020 Updates to the Bank Secrecy Act/Anti-Money Laundering Examination Manual

Last Updated: April 15, 2020