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OCC Bulletin 2014-60 | December 2, 2014

Bank Secrecy Act/Anti-Money Laundering: Revised FFIEC BSA/AML Examination Manual

To

Chief Executive Officers of All National Banks and Federal Savings Associations, Federal Branches and Agencies, Department and Division Heads, All Examining Personnel, and Other Interested Parties

Summary

On December 2, 2014, the Federal Financial Institutions Examination Council (FFIEC) released the revised Bank Secrecy Act/Anti-Money Laundering (BSA/AML) Examination Manual. The revised manual reflects the ongoing commitment of the federal and state banking agencies to provide current and consistent guidance on risk-based policies and procedures for institutions supervised by the Office of the Comptroller of the Currency (OCC) to comply with the BSA and safeguard operations from money laundering and terrorist financing. Banking organizations should familiarize themselves with these revisions and make the necessary updates to their BSA compliance programs.

Note for Community Banks

The Bank Secrecy Act/Anti-Money Laundering Examination Manual contains guidance and examination procedures applicable to all OCC-supervised institutions.

Highlights

  • The 2014 BSA/AML manual incorporates regulatory changes and further clarifies supervisory expectations since the 2010 update.
  • Sections with revisions are indicated by the parenthetical “2014” in the table of contents. Significant revisions  have been made in the following sections:
    • Suspicious Activity Reporting
    • Currency Transaction Reporting
    • Foreign Correspondent Account Recordkeeping, Reporting, and Due Diligence
    • Foreign Bank and Financial Accounts Reporting
    • International Transportation of Currency or Monetary Instruments Reporting
    • Correspondent Accounts (Foreign)
    • Bulk Shipments of Currency
    • Automated Clearing House Transactions
    • Prepaid Access
    • Third-Party Payment Processors
    • Embassy, Foreign Consulate, and Foreign Mission Accounts
    • Nonbank Financial Institutions
    • Appendix T: BSA E-Filing System
  • The changes are summarized in the interagency statement.
  • The issuance of this booklet rescinds OCC Bulletin 2010-21, “Bank Secrecy Act/Anti-Money Laundering: Notification on the Release of the Revised BSA/AML Examination Manual” (June 15, 2010).

Further Information

Please direct questions or comments to the OCC’s BSA/AML Compliance Policy department at (202) 649-5470.

 

Grovetta N. Gardineer
Deputy Comptroller for Compliance Operations and Policy

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