Regulators on Thursday released an updated manual that provides guidance on risk-based policies and procedures for financial firms to comply with federal banking and anti-money-laundering regulations.

The Federal Financial Institutions Examination Council revision of the Bank Secrecy Act/Anti-Money-Laundering Examination Manual clarifies "supervisory expectations" since the previous manual was issued nearly three years ago.

According to a Federal Reserve Board statement, "significant updates" in the manual include a new section on bulk currency shipments, a "substantially reworked" section on compliance programs, along with revised guidance for examiners on how to determine whether "a violation is systemic or recurring, as opposed to a technical or isolated violation."

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