FFIEC BSA/AML Examination Manual: What Compliance Officers Really Need to Know?

This webinar will go through the revised FFIEC Bank Secrecy Act/Anti-Money Laundering Examination Manual to highlight changes and areas where banks should review their internal policies, processes, and procedures for compliance. Understanding these changes will keep you prepared and updated for your next BSA/AML examination.

The FFIEC BSA/AML Examination Manual (Manual) provides instruction to examiners for assessing a bank’s anti-money laundering/countering the financing of terrorism (AML/CFT) program and its compliance with other AML/CFT regulatory requirements. New and revised Manual sections and Future updates to other Manual sections will be discussed.

The agencies that comprise the Federal Financial Institutions Examination Council (FFIEC) released an update of the FFIEC Bank Secrecy Act/Anti-Money Laundering (BSA/AML) Examination Manual. The revised manual provides current guidance on risk-based policies, procedures, and processes for banking organizations to comply with the BSA and safeguard operations from money laundering and terrorist financing.

This webinar will go section-by-section of the manual to highlight areas where banks should review their internal policies, processes and procedures to ensure they are in compliance and discuss changes to BSA requirements.

• Introduction
• Exam Best Practices
• Overview of FFIEC Examination Manual
• Recent changes to the FFIEC Examination Manual

• AML Risk Assessment
• BSA/AML Compliance Program
• Customer Identification Program (CIP)
• Customer Due Diligence/Enhanced Due Diligence (CDD/EDD)
• Suspicious activity and currency transaction reporting
• Foreign correspondent accounts and recordkeeping
• International Transportation of Currency or Monetary Instruments Reporting (CMIR)
• Bulk shipments of currency
• Automated Clearing House (ACH) transactions and third-party service providers
• Prepaid access
• Third-party payment processors
• Embassy, foreign consulate, and foreign mission accounts
• Non-Bank Financial Institutions
• Cash Intensive Businesses
• Non-Governmental Organizations and Charities

The FFIEC BSA/AML Examination Manual is a resource issued by the Federal Financial Institutions Examination Council (FFIEC) to assist examiners in evaluating the adequacy of a financial institution's BSA/AML compliance program. However, its value extends beyond examiners, as compliance officers play a pivotal role in implementing and maintaining effective BSA/AML programs. By understanding the nuances of the FFIEC BSA/AML Examination Manual, compliance officers can proactively enhance their institutions' compliance programs, mitigate risks, and contribute to the overall integrity of the financial system. This knowledge is indispensable for navigating the intricate web of BSA/AML regulations and safeguarding institutions against financial crimes.