OCC Bulletin 2023-22 Federal and State Regulators Release Updates to the BSA/AML Examination Manual

Federal and State Regulators Release Updates to the BSA/AML Examination Manual

The Federal Financial Institutions Examination Council, on behalf of its members, released updates to the following sections of the Bank Secrecy Act/Anti-Money Laundering Examination Manual.

• Special Information Sharing Procedures to Deter Money Laundering and Terrorist Activity

• Due Diligence Programs for Correspondent Accounts for Foreign Financial Institutions

• Due Diligence Programs for Private Banking Accounts

• Prohibition on Correspondent Accounts for Foreign Shell Banks; Records Concerning Owners of Foreign Banks and Agents for Service of Legal Process

• Summons or Subpoena of Foreign Bank Records; Termination of Correspondent Relationship; Records Concerning Owners of Foreign Banks and Agents for Service of Legal Process

• Reporting Obligations on Foreign Bank Relationships with Iranian-Linked Financial Institutions

The updates should not be interpreted as new instructions or increased focus on certain areas; instead, they offer further transparency into the examination process and support risk-focused examination work. Details are available at https://bsaaml.ffiec.gov.