The Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the Financial Crimes Enforcement Network, the National Credit Union Administration, and the Office of the Comptroller of the Currency have issued a joint statement aimed at improving efficiency and transparency in the risk-focused approach to anti-money laundering and Bank Secrecy Act supervision. The statement, a result of a working group established by the Office of Terrorism and Financial Intelligence of the US Department of the Treasury, outlines common practices for assessing a bank’s AML risk profile, in order to help banks allocate compliance resources commensurate with risk.
July 22, 2019
Bank regulators issue joint statement on Bank Secrecy Act/AML compliance
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