2023 Tax Calendar
VIEWpoint Issue 2 | 2022
Inflation Reduction Act: Highlights of Key Changes for You and Yo...
On Dec. 1, 2021, the Federal Financial Institutions Examination Council (FFIEC) released updates to three sections of the Bank Secrecy Act/Anti-Money Laundering (BSA/AML) Examination Manual and added one new section. The updates impact the following four sections:
The new section on customers, which is only two pages, states examiners are reminded that no specific customer type automatically presents a higher risk of money laundering or terrorist financing or other illicit financial activity. In addition, the FFIEC encourages banks to manage customer relationships and mitigate risks based on those customer relationships rather than declining to provide banking services to entire categories of customers.
Importantly, the FFIEC emphasizes the updates should not be interpreted as new requirements, or as a new or increased focus on certain areas.
To learn more about this, please contact Doeren Mayhew’s regulatory compliance specialists.
This publication is distributed for informational purposes only, with the understanding that Doeren Mayhew is not rendering legal, accounting, or other professional opinions on specific facts for matters, and, accordingly, assumes no liability whatsoever in connection with its use. Should the reader have any questions regarding any of the news articles, it is recommended that a Doeren Mayhew representative be contacted.
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