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Can you summarize Federal Financial Institutions Examination Council (FFIEC) > BSA / AML - Examination Manual?
Federal Financial Institutions Examination Council (FFIEC) > BSA / AML - Examination Manual
Short Summary
The provided legal document content consists of information related to the Bank Secrecy Act/Anti-Money Laundering (BSA/AML) compliance program. It outlines the requirements and expectations for banks and financial institutions in implementing an effective BSA/AML compliance program. The program must be written, approved by the board of directors, and noted in the board minutes. It should be commensurate with the bank’s BSA/AML risk profile and fully implemented to meet the BSA requirements. The document specifies the minimum requirements for the program, including internal controls, independent testing, designation of a BSA compliance officer, training for personnel, and the inclusion of a Customer Identification Program (CIP). It also emphasizes the importance of internal controls, risk assessment, and reporting of suspicious activity. The document provides guidance on scoping and planning BSA/AML examinations, conducting risk assessments, and evaluating the adequacy of a bank’s BSA/AML compliance program. It highlights the need for independent testing, designation of a BSA compliance officer, and training requirements for personnel. The document aims to ensure a thorough and comprehensive examination process for assessing the adequacy of a bank’s BSA/AML compliance program. The documents apply to banks and financial institutions, their board of directors, senior management, and personnel involved in BSA/AML compliance. No specific exemptions or penalties are mentioned in these documents.
Whom does it apply to?
The documents apply to banks and financial institutions, their board of directors, senior management, and personnel involved in BSA/AML compliance.
What does it govern?
The provided legal document content consists of information related to the Bank Secrecy Act/Anti-Money Laundering (BSA/AML) compliance program. It outlines the requirements and expectations for banks and financial institutions in implementing an effective BSA/AML compliance program.
What are exemptions?
No specific exemptions are mentioned in these documents.
What are the Penalties?
No specific penalties are mentioned in the documents for non-compliance or violation of their provisions.
Jurisdiction
U.S. Federal Government