2014 Federal Financial Institution Examination Council
BSA/AML examination manual updates
The long awaited update to the 2010 FFIEC Examination Manual was published on December 2, 2014. The FFIEC Manual provides guidance to examiners for carrying out BSA/AML and Office of Foreign Assets Control (“OFAC”) examinations. Though it does not have the force of law or regulation, it does provide evidence of regulatory expectations. It sets out the banking framework clearly and in detail, including payment systems, surveillance approaches, risk assessments, CDD/KYC, governance and other related BSA/AML requirements. Updates were made throughout the manual, including references to new regulations and guidance as well as technical corrections.