The Federal Financial Institutions Examination Council (FFIEC) has made several updates to the Bank Secrecy Act/Anti-Money Laundering (BSA/AML) Examiner’s Manual. CUNA’s compliance staff have detailed on CompBlog the changes, which are unrelated to the coronavirus disease (COVID-19) pandemic, nor do they include any new requirements.
The update is intended to provide more specific instructions to examiners for risk-focusing examinations, as well as instructions on how to assess a credit union’s compliance program, including internal controls, independent testing, BSA Officer qualifications & training.
It notes that credit unions should be prepared:
Additional details can be found on CUNA’s CompBlog.