In December, federal banking regulators provided advice for safeguarding against money laundering and terrorist financing.
In the 2014 Bank Secrecy Act/ Anti-Money Laundering (BSA/ AML) Examination Manual, the Federal Financial Institutions Examination Council (FFIEC) revised guidance on risk-based policies, procedures, and processes for financial institutions.
Although the regulators made revisions throughout the manual, significant updates included the following topics:
The NCUA, FDIC, Office of the Comptroller of the Currency, Federal Reserve Board, and State Liaison Committee updated the manual in collaboration with the Financial Crimes Enforcement Network (FinCEN) and the Office of Foreign Assets Control (OFAC).
Find the manual on the FFIEC BSA/AML InfoBase at ffiec.gov.