The Act aims to aid the government in the fight against crimes to evade financial measures in order to combat terrorism and other national security threats. Bank Secrecy Act Effective May 11, 2018, all banks are subject to new rules under the Bank Secrecy Act pertaining to business accounts. The "FFIEC InfoBase" concept was developed by the FFIEC’s Task Force on Examiner Education and the Task Force on Supervision to provide field examiners at the financial institution regulatory agencies with an electronic source for training and distributing needed examination information. These manual sections are being released in advance of the May 11, 2018, compliance date for the CDD and Beneficial Ownership Rules to promote transparency in the examination process. Bank Secrecy Act reporting institutions annually spend roughly $206 million and 5.4 million hours of work investigating, evaluating cases and filing Suspicious Activity Reports, according to a new analysis from the Financial Crimes Enforcement Network. The manual sections include examination procedures for customer due diligence and beneficial ownership requirements. Effective May 11, 2018, new rules under the Bank Secrecy Act will aid the government in the fight against crimes to evade financial measures designed to combat terrorism and other national security threats. Welcome to the FFIEC Bank Secrecy Act/Anti-Money Laundering InfoBase. The manual benefits depository institutions by providing information to help assist with BSA …