The Federal Financial Institutions Examination Council (FFIEC) has released updates to several sections of the Bank Secrecy Act / Anti-Money Laundering Examination Manual. These updates offer further transparency into the examination process and support the risk-focused examination work.
The following sections have been updated:
- Special Information Sharing Procedures to Deter Money Laundering and Terrorist Activity
- Due Diligence Programs for Correspondent Accounts for Foreign Financial Institutions
- Due Diligence Programs for Private Banking Accounts
- Prohibition on Correspondent Accounts for Foreign Shell Banks; Records Concerning Owners of Foreign Banks and Agents for Service of Legal Process
- Summons or Subpoena of Foreign Bank Records; Termination of Correspondent Relationship; Records Concerning Owners of Foreign Banks and Agents for Service of Legal Process
- Reporting Obligations on Foreign Bank Relationships with Iranian-Linked Financial Institutions
CCI suggests forwarding this information to your Bank’s BSA staff to review the updated sections that apply to your Bank to enhance and/or update your BSA Program. As always, CCI is happy to help with any compliance-related questions.