Federal Bank Regulators Issue Joint Statement on Risk-Focused Approach to AML/BSA Compliance Programs

The Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the National Credit Union Administration, the Office of the Comptroller of the Currency, and the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) issued a joint statement to emphasize their risk-focused approach to examinations of banks’ Bank Secrecy Act/anti-money laundering (BSA/AML) compliance programs. Although the joint statement does not alter long-standing BSA/AML compliance standards, it highlights the need for financial institutions of all sizes to determine their internal and external risk profile and implement a risk-based BSA/AML compliance program that reflects the realities of the risks faced by particular financial institution. In light of the recent focus on BSA/AML compliance, banks and financial institutions should review their BSA/AML compliance programs on a regular basis, update their enterprise-wide risk profile, and review/enhance their BSA/AML compliance program to ensure that it adequately addresses the relevant risks.

The full text of the Joint Statement on Risk-Focused Bank Secrecy Act/Anti-Money Laundering Supervision is set forth below.
Joint Statement on Risk-Focused Bank Secrecy Act-Anti-Money Laundering Supervision