On August 24, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the National Credit Union Administration, the Office of the Comptroller of the Currency, the Office of Thrift Supervision, and the Conference of State Bank Supervisors, in collaboration with the Financial Crimes Enforcement Network (collectively, the Banking Agencies) released through the Federal Financial Institutions Examination Council (the FFIEC) a revised Bank Secrecy Act/Anti-Money Laundering Examination Manual (the Manual). Although changes were made throughout the Manual, significant updates were made in the following sections: customer due diligence, suspicious activity reporting, foreign correspondent account recordkeeping and due diligence, Office of Foreign Assets Control, correspondent accounts (foreign), electronic banking, trade finance, and non-bank financial institutions.

According to the press release, the revised manual “reflects the ongoing commitment of the federal and state banking agencies and Financial Crimes Enforcement Network to provide current and consistent guidance on risk-based policies, procedures, and processes for banking organizations to comply with the BSA and safeguard operations from money laundering and terrorist financing.”

www.ots.treas.gov .