The completion of applicable core and, if warranted, expanded examination procedures is manual necessary to support ffiec the overall conclusions regarding the adequacy of the BSA/AML ffiec compliance program.
Upcoming SlideShare, loading in 5, like this document?BSA/AML Risk Assessment examination Examination Procedures Examination Procedures BSA/AML Risk Assessment Objective.This knowledge will assist the examiner in determining manual the examination scope, identifying areas requiring greater (or lesser) scrutiny, and identifying when ffiec expanded examination procedures may be necessary.Third-Party Payment Processors reflects agency guidance issued since 2010.Scoping and Planning Overview developing a BSA/AML risk assessment.All of these actions are publicly available.Foreign Correspondent Account Recordkeeping discusses the regulations relating to the Comprehensive Iran ffiec Sanctions, Accountability ffiec and Divestment Act. Foreign corporations and manual domestic business entities, particularly offshore corporations (such as domestic shell companies and Private Investment Companies (PIC) and international business corporations (IBC)22 located in carlo higher-risk geographic locations.
Banks Overview 169 Examination Procedures 173 Parallel Banking 175 Examination Procedures 176 expanded examination overview AND procedures FOR products AND services 178 Correspondent Accounts (Domestic) 178 Examination Procedures 181 Correspondent Accounts (Foreign) 183 Examination Procedures 186 Bulk Shipments of manual Currency Overview (2010) 188 Examination Procedures.
Background In 1970, Congress passed the wizard Currency and Foreign Transactions Reporting Act commonly known as the Bank Secrecy Act,2 which established requirements for recordkeeping and reporting by private individuals, banks,3 and other financial institutions.
Independent testing should, at a minimum, include: An evaluation of manual the overall adequacy and effectiveness of the BSA/AML compliance real program, including policies, procedures, and processes.The 2014 manual continues the use of a "core" and "expanded" format.Assist in selecting accounts for transaction testing.Refer to the core overview section, BSA/AML Risk gottlieb Assessment, pages 22 to 30, for additional guidance on developing a BSA/AML risk assessment.Types of products and services used by the customer.