The new consolidated U.S. examination manual that provides the marching orders to financial institution examiners from the five U.S. banking regulatory agencies is not only novel because it is the first of its kind. It also marks the first time the U.S. government has provided direction and guidance to financial institutions and examiners on what is expected in compliance with U.S. Office of Foreign Assets Control regulations. The manual, which will guide thousands of examiners and banks, credit unions and thrift institutions, gives U.S. examiners the task of determining whether an institution has positioned itself correctly with adequate policies and...
print