Money Laundering, Terrorism and Financial Institutions - USA Patriot Act Monitor

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6/27/2006 Nigeria Removed from FFIEC Exam Manual Revision Planned for Summer 2006

The Financial Action Task Force has removed Nigeria from its list of non-cooperative countries and territories (NCCTs).  The list now consists only of Myanmar, which will receive a visit from the FATF soon to determine what progress it has made.  In a two-part article appearing in the Monitor in November and December of 2005, we described the Federal Financial Institutions Examination Council’s examination manual on Bank Secrecy Act compliance.  The 2005 version indicated how far examiners have come since 9/11 in determining whether an institution has woken up to the new world of terrorists as money launderers.   Now it appears that the supervisory agencies are already working on updates to the manual.  In a speech before the American Bankers Association’s Regulatory Compliance Conference in Orlando on June 12, Mark W. Olson of the Federal Reserve Board indicated that a revised version is planned for this summer, and that it will provide detailed guidance on how institutions should be risk-basing their AML controls.

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