Revised BSA Exam Manual to Add Policies for MSBs, Foreign Correspondent Accounts

By Matt Squire

Federal regulators are expected to issue a revised Bank Secrecy Act/Anti-Money Laundering Examination Manual next week that includes new guidelines for foreign correspondent accounts and banking for money services businesses. The manual, issued by the Federal Financial Institutions Examination Council, will be released Aug. 24 and will include language from a final ruling on correspondent bank accounts issued by the Financial Crimes Enforcement Network (FinCEN) on Aug. 8, according to people in Washington, D.C., who are familiar with the matter. That rule implements parts of Section 312 of the Patriot Act, requiring financial institutions to use enhanced due diligence procedures...