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Nonbank Financial Institutions — Overview

Nonbank Financial Institutions Overview FFIEC BSA/AML Examination Manual 299 2/27 Nonbank Financial Institutions Overview Objective. Assess the adequacy of the bank s systems to manage the risks associated with accounts of Nonbank Financial Institutions (NBFI), and management s ability to implement effective monitoring and reporting systems. NBFIs are broadly defined as Institutions other than banks that offer Financial services. The USA PATRIOT Act has defined a variety of entities as Financial Common examples of NBFIs include, but are not limited to: Casinos and card clubs. securities and commodities firms ( , brokers/dealers, investment advisers, mutualfunds, hedge funds, or commodity traders). money services businesses (MSB).278 Insurance companies. Loan or finance Operators of credit card systems. Other Financial Institutions ( , dealers in precious metals, stones, or jewels;pawnbrokers).Some NBFIs are currently required to develop an AML program, comply with the reporting and recordkeeping requirements of the BSA, and report suspicious activity, as are NBFIs typically need access to banking services in order to operate.

• Securities and commodities firms (e.g., brokers/dealers, investment advisers, mutual ... heightened risk of money laundering or terrorist financing, the bank is expected to conduct ... relationship indicates a lower risk of money laundering or other illicit activity, a bank is

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