In December 2021, the Federal Financial Institutions Examination Council (FFIEC) updated the “Risks Associated with Money Laundering and Terrorist Financing” section of its Bank Secrecy Act/Anti-Money Laundering (BSA/AML) Examination Manual. The updates do not include new requirements, but rather provide further instructions to examiners assessing a bank’s BSA/AML compliance programs and procedures.
The Manual includes a new introduction to the “Risks Associated with Money Laundering and Terrorist Financing” section that provides an overview of the importance of financial institutions’ customer relationships and emphasizes the need to understand customers’ risk profiles and adjust compliance programs accordingly. The updates impacted the following sections of the Examination Manual:
- Introduction – Customers (new)
- Charities and Nonprofit Organizations (edited)
- Independent Automated Teller Machine Owners or Operators (edited)
- Politically Exposed Persons (edited)
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