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Changes in FFIEC Manual Will Require Institutions to Rethink Exam Preparation
By Colby Adams
printWith the relatively modest changes in the latest version of the federal anti-money laundering examination manual comes the question: what will they mean for compliance exams? The interagency Federal Financial Institutions Examination Council (FFIEC) released the new Bank Secrecy Act (BSA) and anti-money laundering (AML) examination manual on April 29. The update includes guidance on monitoring trade finance activity and electronic banking, and adds a new section on bulk currency shipments, among other changes. "Regulators wouldn't have changed the manual if they were planning on conducting examinations the same way as before," said Brion Nazarro, BSA officer at American National...
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