OCC Bulletin 2021-10| February 25, 2021

Bank Secrecy Act/Anti-Money Laundering: Updated Sections of the FFIEC BSA/AML Examination Manual

To

Chief Executive Officers of All National Banks, Federal Savings Associations, and Federal Branches and Agencies; Department and Division Heads; All Examining Personnel; and Other Interested Parties

Summary

The Federal Financial Institutions Examination Council (FFIEC) updated the following sections of the FFIEC Bank Secrecy Act/Anti-Money Laundering (BSA/AML) Examination Manual: “Assessing Compliance with BSA Regulatory Requirements”; “Customer Identification Program”; “Currency Transaction Reporting”; and “Transactions of Exempt Persons.” These revisions reflect the Office of the Comptroller of the Currency’s continued commitment to, and leadership on, interagency reform efforts that improve the effectiveness and efficiency of the BSA/AML regime and reduce unnecessary burden on banks.1

Note for Community Banks

The updated FFIEC BSA/AML Examination Manual applies to the supervision of community banks.

Highlights

The updated sections

  • reinforce the risk-focused approach to BSA/AML examinations.
  • include updated information for examiners regarding transaction testing, including examples.

Further Information

Please contact James F. Vivenzio, Director for BSA/AML Policy, at (202) 649-5470.

 

Grovetta N. Gardineer
Senior Deputy Comptroller for Bank Supervision Policy

Related Links

1 “Banks” collectively refers to national banks, federal savings associations, and federal branches and agencies of foreign banking organizations.