Clifford Chance

FinCEN and Federal Banking Agencies Issue Joint Statement Encouraging FinTech Sandboxes for AML Compliance

7 December 2018

On December 3, 2018, 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 issued a joint statement encouraging banks and financial institutions to utilize innovative technology-enabled approaches to meet their Bank Secrecy Act/anti-money laundering compliance obligations.

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