Financial Institutions Must Assess Risk Profiles to Meet New BSA Requirements

Anti-Money Laundering

In 2006, the Federal Financial Institutions Examination Council (FFIEC) issued a revised version of the Bank Secrecy Act/Anti-Money Laundering (BSA/AML) Examination Manual. The manual has been updated to incorporate regulatory changes since the manual was first released in 2005 and to clarify supervisory expectations. Financial institutions need to understand what these changes mean for their regulatory compliance programs.

The changes include an enhanced discussion of the risk assessment process which a financial institution uses to identify and develop its overall BSA/AML risk profile, a new section discussing Automated Clearing House (ACH) transactions, and updates for emerging money-laundering risks.

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