New Version of Bank Secrecy Act/Anti-money Laundering Examination Manual Released

Anti-Money Laundering

It’s an often heard comment by those in the banking industry -- the need for consistency in the examination processes that institutions must undergo. That message is being heard, and acted on. With the recent announcement by U.S. Treasury Secretary Henry Paulson of an initiative to ensure that compliance obligations are treated in a manner that helps avoid expenditures that are not commensurate with actual risk, the Federal Financial Institutions Examination Council (FFIEC) last week issued the revised Bank Secrecy Act/Anti-Money Laundering (BSA/AML) Examination Manual.

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