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.... To get the full story, subscribe now.
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