FinCEN and IRS Release MSB Bank Secrecy Act/Anti-Money Laundering Examination Manual

by 09 Dec 2008
WASHINGTON, D.C. ? The Financial Crimes Enforcement Network (FinCEN) and the Internal Revenue Service (IRS) released today the MSB Bank Secrecy Act/Anti-Money Laundering Examination Manual (MSB BSA/AML Examination Manual). The manual's release marks an important step forward in the effort to ensure the consistent application of the BSA to all Money Services Businesses. The MSB BSA/AML Examination Manual was developed by the Financial Crimes Enforcement Network (FinCEN), Internal Revenue Service (IRS), and the state banking agencies through the Conference of State Bank Supervisors (CSBS) and Money Transmitter Regulators Association (MTRA). The MSB BSA/AML Examination Manual emphasizes an organization's responsibility to establish and implement risk-based policies, procedures, and processes to comply with the BSA and safeguard its operations from money laundering and terrorist financing. The BSA/AML examination procedures will guide examiners through an evaluation of an organization's BSA/AML compliance program regardless of its size, complexity or business lines. The MSB BSA/AML Examination Manual provides narrative guidance and resource materials as well as specific examination procedures. This includes an overview of the BSA requirements and the federal and state banking agencies' supervisory expectations in this area. FinCEN is planning telephone conferences to brief the industry and field examiners on the MSB BSA/AML Examination Manual for early 2009. Registration details for the industry calls will be communicated shortly to the industry via separate notice. Money Service Businesses are encouraged to participate in these voluntary sessions. (More information on these events will be released at a later date.) # # # The Conference of State Bank Supervisors (CSBS) is the nationwide organization for state banking, representing the bank regulators of the 50 states, the District of Columbia, Guam, Puerto Rico and the Virgin Islands, and approximately 6,100 state-chartered financial institutions. CSBS also is responsible for improving the quality of state bank supervision by providing department performance evaluation and accreditation programs and supervisory education/training programs for state banking department personnel. The Money Transmitter Regulators Association (MTRA) is a national non-profit organization dedicated to the efficient and effective regulation of money transmission industry in the United States of America. The MTRA membership consists of state regulatory authorities in charge of regulating money transmitters and sellers of traveler?s checks, money orders, drafts and other money instruments. Incorporated in Texas in 1989, MTRA is governed by a ten-member board of directors elected to serve two-year terms. Information Contact: Mary White, Vice President, Communications, CSBS, mwhite@csbs.org or (202) 728-5715. Susan Shermer, Administrator, MTRA, sshermer@shermer-assoc.com or (717)-545-9991

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