Earlier this month the Federal Financial Institutions Examination Council (FFIEC) released one new section and several updates to the Bank Secrecy Act/Anti-Money Laundering (BSA/AML) Examination Manual. The updates can be found in the Introduction (new), Charities and Nonprofit Organizations, Independent Automated Teller Machine Owners or Operators and Politically Exposed Persons sections.
The updates are not new requirements. Rather, in addition to providing further transparency into the examination process, they are meant to remind examiners that no specific customer automatically presents a higher risk. CCOs and AML officers can use these updates to gain valuable insight into what regulators are looking for during the examination process and address potential red flags before they become larger issues.