Monday, May 3, 2010

FYI: FFIEC Updates BSA/AML Examination Manual

The Federal Financial Institutions Examination Council released the attached 2010 version of its Bank Secrecy Act/Anti-Money Laundering Examination Manual.
The revised manual  clarifies supervisory expectations and incorporates regulatory changes since the manual's 2007 release. The revisions also reflect feedback from the banking industry and examination staff. 
Areas that received significant updates include:
- enterprise-wide compliance program structures;
- core examination procedures for assessing compliance;
- guidance on determining when a violation is systemic or recurring;
- SARs identification, research and reporting issues;
- exemptions for currency transaction reporting;
- bulk currency shipments; and
- compliance for prepaid cards and trade finance activities.
Let me know if you have any questions.  Thanks.


Ralph T. Wutscher

Kahrl Wutscher LLP

The Loop Center Building

105 W. Madison Street, Suite 2100
Chicago, Illinois  60602
Direct:  (312) 551-9320 

Fax:  (866) 581-9302
Mobile:  (312) 493-0874


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