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FFIEC Updates Bank Secrecy Act/Anti-Money Laundering Examination Manual | Troutman Pepper

On August 2, the Federal Financial Institutions Examination Council (FFIEC) announced updates to certain sections and examination procedures in the FFIEC Bank Secrecy Act/Anti-Money.

Obligations on foreign bank relationshipsBank secrecy act regulatory requirementsBank secrecy act antiSummons or subpoena of foreign bank recordsFinancial institutions examination councilAgents for service of legalAnti money laundering examination manualAssessing complianceDue diligence programsCorrespondent accountsForeign financial institutionsForeign shell banksRecords concerning ownersForeign banksLegal processReporting obligations

Nutter Bank Report: July 2022 | Nutter McClennen & Fish LLP

Headlines - ..New Federal Guidance Issued on Customer Due Diligence and Risk Management ..Fed Proposes Rule to Mandate LIBOR-Replacement Benchmark Rates.

New yorkUnited statesLael brainardFederal reserve bankFinancial crimes enforcement network finBank secrecy act antiFederal reserveReference rates committeeFederal guidance issuedCustomer due diligenceProposes ruleReplacement benchmark ratesPermissible purposesObtaining consumerUpdated guidanceBrokered deposit reporting

Federal Agencies Issue Joint Statement on Using Risk-Based Approach to Customer Relationships

The statement reinforces their position that financial institutions should evaluate risk on a customer-by-customer basis and not by industry.

United statesBlaine luetkemeyerJohn roseScott purcellKevin cramerNational credit union administrationDeposit insurance corporationUs senateFinancial institutions examination councilBank secrecy act antiFair access to banking coalitionFinancial crimes enforcement networkOffice of the comptrollerFederal reserve systemFederal deposit insurance corporationAnti money laundering examination manual

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