Alert! April 2020 Updates to Bank Secrecy Act/Anti-Money Laundering Examination Manual

The Agencies made revisions throughout the updated sections to ensure language clearly distinguishes between mandatory regulatory requirements and supervisory expectations set forth in guidance. The revisions also incorporate regulatory changes since the last update of the Manual in 2014. During this webinar we will take a line-by-line look at these changes and their impact on you!

Covered Topics

  • Risk-Focused BSA/AML Supervision – The Manual provides instructions to examiners for tailoring BSA/AML examinations to a bank’s risk profile, including examination and testing procedures, and conducting risk-focused testing or analytical reviews.
  • Assessing the BSA/AML Compliance Program – The Manual provides instructions to examiners for assessing the adequacy of a bank’s BSA/AML compliance program and constitutes a minimum set of procedures for full scope BSA/AML examinations. It separates internal controls, independent testing, BSA compliance officer, and training into individual sections.
  • BSA/AML Risk Assessment – The Manual provides instructions to examiners for assessing the adequacy of a bank’s BSA/AML risk assessment processes, including: (i) the identification of specific risk categories (e.g., products, services, customers, and geographic locations) unique to the bank, and (ii) an analysis of the information identified to better assess risk within these categories.
  • Developing Conclusions and Finalizing the Exam – The Manual reminds examiners that banks have flexibility in the design of their BSA/AML compliance programs, and minor weaknesses, deficiencies, and technical violations alone are not indicative of an inadequate program.

Who Should Attend?

BSA Officers, BSA Staff, Risk Management, Compliance and those in BSA Management