Thursday, April 29, 2010

Revised Bank Secrecy Act Anti-Money Laundering Examination Manual Released

Just a few years ago, during the height of the housing bubble, the major issue facing the banks and bank regulators was anti-money laundering. Large fines were levied against Riggs, AmSouth, Arab Bank, Union Bank of California and Wachovia. As usual, there were Congressional hearings and concerns about regulatory oversight.

Today, the Federal Financial Institutions Examination Council (FFIEC) released the revised Bank Secrecy Act/Anti-Money Laundering (BSA/AML) Examination Manual.

Now the hearings are about the financial crisis and, guess what else, regulatory oversight.

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