Davis Polk partner Dan Stipano discussed updates to six sections of the Bank Secrecy Act/Anti-Money Laundering Examination Manual with Thomson Reuters Regulatory Intelligence. The article notes that the manual provides instruction to examiners for assessing a bank’s anti-money laundering/countering the financing of terrorism (AML/CFT) programs and its compliance with other AML/CFT regulatory requirements.

After comparing the previous manual and the updated sections, the changes appear to be “more in the nature of housekeeping” as opposed to substantive amendments, “updating and retitling sections to better align with the applicable regulations,” Dan said. “Consequently, I don’t think that banks will need to modify their programs to accommodate these changes.”

Prior to this update, the manual was last updated in December 2021.

“U.S. bank regulators issue updates to anti-laundering examination manual,” Thomson Reuters Regulatory Intelligence (August 8, 2023) (subscription required)

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