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2014 FFIEC Bank Secrecy Act/Anti-Money Laundering ...

Bank Secrecy Act/ anti - money Laundering examination manual Federal Financial Institutions examination Council Board of Governors of the Federal Reserve System, Consumer Financial Protection Bureau, Federal Deposit Insurance Corporation, National Credit Union Administration, Office of the Comptroller of the Currency, State Liaison Committee 2014 Contents FFIEC BSA/AML examination manual i 2/27 CONTENTS The sections of the FFIEC BSA/AML examination manual that have been added or significantly modified from the previous edition are reflected by date. INTRODUCTION 1 CORE examination OVERVIEW AND PROCEDURES FOR ASSESSING THE BSA/AML COMPLIANCE PROGRAM 11 Scoping and Planning Overview ..11 examination Procedures ..15 BSA/AML Risk Assessment Overview ..18 examination Procedures ..27 BSA/AML Compliance Program Overview ..28 examination Procedures.

Bank Secrecy Act/ Anti-Money Laundering Examination Manual . Federal Financial Institutions Examination Council . Board of Governors of the Federal Reserve System, Consumer Financial Protection Bureau, Federal Deposit Insurance Corporation,

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CUSTOMER IDENTIFICATION PROGRAM

bsaaml.ffiec.gov

• For a credit card account, the bank may also obtain CIP identifying information about the customer by acquiring it from a third-party source prior to extending credit to the customer. 17. 13 . 31 CFR 1020.220(a)(2)(i). Given the definition of …

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Private Banking — Overview

bsaaml.ffiec.gov

Due diligence policies, procedures, and processes are required for private banking accounts for non-U.S. persons by section 312 of the USA PATRIOT Act. Refer to the core overview section, “Private Banking Due Diligence Program (Non-U.S. Persons),” page 125, for additional guidance.

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Suspicious Activity Reporting — Overview

bsaaml.ffiec.gov

Suspicious activity reporting forms the cornerstone of the BSA reporting system. It is critical to the United States’ ability to utilize financial information to combat terrorism, terrorist financing, money laundering, and other financial crimes. Examiners and banks should

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Nonbank Financial Institutions — Overview

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Overview - Federal Financial Institutions Examination Council

bsaaml.ffiec.gov

The regulatory interpretation states that, for purposes of 1010.410(f), the term “address” means either the transmittor’s street address or the transmittor’s address maintained in the financial institution’s automated CIF (such as a mailing address including a post office box)

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Overview - Federal Financial Institutions Examination Council

bsaaml.ffiec.gov

FFIEC BSA/AML Examination Manual 236 2/27/2015.V2 behalf of the customer’s clients. When the bank is unable to identify and understand the nature and source of the transactions processed through an account, the risks to the bank and the likelihood of suspicious activity can increase. If a bank has not implemented an adequate

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POLITICALLY EXPOSED PERSONS

bsaaml.ffiec.gov

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CURRENCY TRANSACTION REPORTING

bsaaml.ffiec.gov

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PURCHASE AND SALE OF CERTAIN MONETARY …

bsaaml.ffiec.gov

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BSA/AML Independent Testing - 508

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lower-risk profiles for ML/TF and other illicit financial activities may consider utilizing a shared resource as part of a collaborative arrangement to conduct independent testing. 2. ... For detailed information on collaborative arrangements see “ Interagency Statement on Sharing Bank Secrecy Act Resources,” issued by Federal Reserve, FDIC ...

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Third-Party Payment Processors — Overview

bsaaml.ffiec.gov

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