FFIEC BSA/AML Examination Manual
United States
2005
AML/CFT
Overview
The Federal Financial Institutions Examination Council (FFIEC) first issued the BSA/AML Examination Manual in 2005, with the most recent updates released in 2020. The manual provides standardized guidance for federal and state examiners to assess how well financial institutions comply with the Bank Secrecy Act (BSA), the USA PATRIOT Act, and related AML/CFT regulations. It outlines examination procedures, risk-based approaches, and core program requirements, ensuring consistency across supervisory reviews.The manual applies to all regulated U.S. financial institutions, particularly banks, credit unions, savings associations, and trust companies supervised by the federal banking agencies. It also serves as a reference for BSA/AML officers, compliance teams, and auditors, helping them prepare for regulatory examinations, strengthen internal programs, and align practices with examiner expectations.
Key Obligations
- Establish a risk-based BSA/AML compliance program with the four pillars: internal controls, independent testing, designated compliance officer, and training
- Perform Customer Identification Program (CIP) and Customer Due Diligence (CDD), including beneficial ownership checks
- Implement transaction monitoring and suspicious activity reporting processes
- File Currency Transaction Reports (CTRs) and Suspicious Activity Reports (SARs) as required by FinCEN
- Maintain accurate recordkeeping and information-sharing practices under the BSA and Section 314 of the USA PATRIOT Act
- Prepare for regulatory examinations by documenting policies, procedures, and risk assessments
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