Federal Financial Institutions Examination Council
|For Immediate Release||June 30, 2005|
The Federal Financial Institutions Examination Council (FFIEC) today released the Bank Secrecy Act/Anti-Money Laundering Examination Manual (FFIEC BSA/AML Examination Manual). The manual’s release marks an important step forward in the effort to ensure the consistent application of the Bank Secrecy Act and related anti-money laundering regulations.
The FFIEC BSA/AML Examination Manual was developed by the Board of Governors of the Federal Reserve System, Federal Deposit Insurance Corporation, National Credit Union Administration, Office of the Comptroller of the Currency, and Office of Thrift Supervision (collectively referred to as the federal banking agencies) in collaboration with the Financial Crimes Enforcement Network, the delegated administrator of the BSA. In addition, through the Conference of State Bank Supervisors, the state banking agencies played a consultative role. Moreover, the federal banking agencies worked with the Office of Foreign Assets Control (OFAC) to develop sections of the manual pertaining to OFAC compliance.
The FFIEC BSA/AML Examination Manual is available at: http://www.ffiec.gov/bsa_aml_infobase
The FFIEC was established in March 1979 to prescribe uniform principles, standards, and report forms and to promote uniformity in the supervision of financial institutions. The Council has five member agencies: the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the National Credit Union Administration, the Office of the Comptroller of the Currency, and the Office of Thrift Supervision. The Council's activities are supported by interagency task forces and by an advisory State Liaison Committee, comprised of five representatives of state agencies that supervise financial institutions.