US regulators issue BSA/AML exam manual

WASHINGTON, DC – US federal financial regulators have released a manual for risk-based Bank Secrecy Act (BSA), anti-money laundering (AML) and Office of Foreign Assets Control (OFAC) examinations in financial institutions.

The manual includes a new enterprise-wide BSA/AML compliance programme, the objective of which is to assess the holding company or the lead financial institution for BSA/AML compliance.

The American Bankers Association (ABA) welcomed the manual as a vital development of new and uniform BSA/AML examination procedures. "Bankers and compliance officers around the country will be relieved to have one set of rules and interpretations that they and the agencies' field examiners can agree on," says John

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