Regulatory AlertsSR 23-6: Release of Six Sections of the FFIEC Bank Secrecy Act/Anti-Money Laundering Examination Manual
The Board of Governors of the Federal Reserve System released six updated sections of the Federal Financial Institutions Examination Council's Bank Secrecy Act/Anti-Money Laundering Examination Manual in collaboration with FinCEN. These revisions reorganize and clarify existing guidance on information sharing, due diligence for correspondent and private banking accounts, shell bank prohibitions, foreign record access, and Iran sanctions without establishing new regulatory requirements. The updates aim to enhance transparency in the examination process and reinforce a risk-focused approach to assessing banking organizations' compliance programs.
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