The Federal Financial Institutions Examinations Council (FFIEC) released the Bank Secrecy Act (BSA)/ Anti-Money Laundering Examination Manual to ensure consistent application of the act to commercial banks, savings associations and credit unions (www.fdiv.gov/news).The Federal Financial Institutions Examinations Council (FFIEC) released the Bank Secrecy Act The Bank Secrecy Act of 1970 (or BSA, or otherwise known as the Currency and Foreign Transactions Reporting Act) requires U.S.A. financial institutions to assist U.S. government agencies to detect and prevent money laundering. (BSA)/ Anti-Money Laundering Examination Manual to ensure consistent application of the act to commercial banks, savings associations and credit unions (www.fdiv.gov/news). in it the FFIEC prescribes uniform principles, standards and report forms for federal banking regulators. The manual, which does not set new standards, is a compilation of existing regulatory requirements, supervisory expectations and sound practices. For example, its guidelines will better enable examiners to evaluate banks' compliance with federal requirements, regardless of organizational size or line of business. In collaboration with the Financial Crimes Enforcement Network Noun 1. Financial Crimes Enforcement Network - a law enforcement agency of the Treasury Department responsible for establishing and implementing policies to detect money laundering FinCEN , which administers the BSA, the banking regulators--the Board of Governors of the Federal Reserve System Board of Governors of the Federal Reserve System The managing body of the Federal Reserve System, which sets policies on bank practices and the money supply. , the Federal Deposit Insurance Corp., the National Credit Union Administration The National Credit Union Administration (NCUA) is responsible for chartering, insuring, supervising, and examining federal credit unions (FCUs) and for administering the National Credit Union Share Insurance Fund. , the Office of the Comptroller of the Currency The Office of the Comptroller of the Currency (or OCC) was established by the National Currency Act of 1863 and serves to charter, regulate, and supervise all national banks and the federal branches and agencies of foreign banks in the United States. and the Office of Thrift Supervision--will begin employing the manual's procedures in the third quarter of 2005. |
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