Saturday, 13 June 2015

How Revised AML Manual Could Affect Bank Risk Management Efforts

From Risk & Compliance Journal –

“The recently revised Bank Secrecy Act (BSA)/Anti-money Laundering (AML) Examination Manual, issued by the Federal Institutions Council (FFIEC), could require enhancements to how U.S.-based banks—and some global banks—comply with AML regulations going forward. Frederick Curry, a Deloitte Advisory principal in Anti-Money Laundering, Deloitte Transactions and Business Analytics LLP, discusses practical implications of the updated manual, including changes to how large transactions are to be reported to the government, heightened AML risk management around “suspicious activity reporting” and continued oversight role of bank boards.”

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