John Zasada, Compliance Consulting Director, Financial Institutions Group

On April 15, 2020, the Federal Financial Institutions Examination Council (FFIEC) announced it updated several sections and examination procedures to the Bank Secrecy Act/Anti-Money Laundering (BSA/AML) Examination Manual (Manual).

The 43-page update provides more detailed information about the examination process. It also provides instructions for examiners in conducting risk-focused BSA/AML exams and evaluating related compliance programs. The FFIEC was careful to acknowledge the uncertainty faced by financial institutions due to the pandemic and explained the manual update does not contain new instructions nor portend an increased focus on BSA compliance.

If you have questions regarding your BSA/AML operations, contact Doeren Mayhew’s compliance specialists.