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Bankers, Compliance Officers Laud AML Guidance

Melissa Klein Aguilar | July 12, 2005

Bankers and compliance officers seeking guidance on complying with federal money laundering rules have gotten their wish.

Federal banking agencies and a bureau of the U.S. Dept. of the Treasury have issued a manual to help examiners comply with anti-money laundering laws. The Bank Secrecy Act/Anti-Money Laundering Examination Manual (see box at right), issued June 30 by the Financial Institutions Examination Council, offers guidance for carrying out BSA/AML and Office of Foreign Assets Control examinations and on identifying and controlling risks associated with money laundering and terrorist financing.

While the 331-page manual is aimed at examiners, its publication is being hailed by members of the banking community who say the guidance it will offer has been sorely needed.

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