Bank Secrecy Act/ Anti-Money Laundering Examination Manual

Bank Secrecy Act/ Anti-Money Laundering Examination ManualThis Federal Financial Institutions Examination Council (FFIEC) Bank Secrecy Act (BSA) Anti Money Laundering (AML) Examination Manual provides guidance to examiners for carrying out BSA AML and Office of Foreign Assets Control (OFAC) examinations. An effective BSA AML compliance program requires sound risk management; therefore, the manual also provides guidance on identifying and controlling risks associated with money laundering and terrorist

This Federal Financial Institutions Examination Council (FFIEC) Bank Secrecy Act (BSA)/Anti-Money Laundering (AML) Examination Manual provides guidance to examiners for carrying out BSA/AML and Office of Foreign Assets Control (OFAC) examinations. An effective BSA/AML compliance program requires sound risk management; therefore, the manual also provides guidance on identifying and controlling risks associated with money laundering and terrorist financing. The manual contains an overview of BSA/AML compliance program requirements, BSA/AML risks and risk management expectations, industry sound practices, and examination procedures. The development of this manual was a collaborative effort of the federal and state banking agencies1 and the Financial Crimes Enforcement Network (FinCEN), a bureau of the U.S. Department of the Treasury, to ensure consistency in the application of the BSA/AML requirements.