Money Laundering


The Federal Financial Institutions Examinations Council (FFIEC) released the Bank Secrecy Act (BSA)/Anti-Money Laundering Examination Manual to ensure consistent application of the act to commercial banks, savings associations and credit unions ( www.fdic.gov/news ). In it the FFIEC prescribes uniform principles, standards and report forms for federal banking regulators. The manual, which does not set new standards, is a compilation of existing regulatory requirements, supervisory expectations and sound practices. For example, its guidelines will better enable examiners to evaluate banks’ compliance with federal requirements, regardless of organizational size or line of business. In collaboration with the Financial Crimes Enforcement Network, which administers the BSA, the banking regulators—the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corp., the National Credit Union Administration, the Office of the Comptroller of the Currency and the Office of Thrift Supervision—will begin employing the manual’s procedures in the third quarter of 2005.

PODCAST

What’s next for potential CPA licensure changes

A new model proposed by NASBA and the AICPA is designed with an eye on the future for newly licensed CPAs. The AICPA's Carl Mayes, CPA, provides background on the project and a look ahead to 2020.

VIDEO

What RPA is and how it works

Robotic process automation is like an Excel macro that can work on multiple applications, says Danielle Supkis Cheek, CPA. RPA can complete routine, repetitive tasks such as data entry, freeing up employee time from lower-level chores.