The Federal Financial Institutions Examination Council (“FFIEC”) updated its “Bank Secrecy Act/Anti-Money Laundering Examination Manual.”
In an interagency statement, FFIEC (made up of the Federal Reserve Board (“FRB”), the FDIC, the National Credit Union Administration, the OCC and the State Liaison Committee) emphasized its risk-focused approach to the supervision of banks for Bank Secrecy Act/Anti-Money Laundering (“BSA/AML”) compliance.
