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Revised Exam Manual Clarifies BSA Risk Assessment Issues, Consultant Says

The revised Federal Financial Institution Examination Council's Bank Secrecy Act/Anti-Money Laundering Examination Manual issued in July 2006 does a better job clarifying the risk assessment process for banks than earlier versions, says Carol Van Cleef, an attorney and partner with Bryan Cave LLP in Washington D.C. Van Cleef, who has been advising banks on anti-money laundering matters since the mid-1980s, believes the manual also helps to quell industry confusion in monitoring new vehicles for potential money laundering, such as trade finance and automated clearing house transactions. In October 2005, Van Cleef's firm and the Conference of State Bank Supervisors launched...

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