Clifford Chance

FinCEN and the Federal Banking Agencies Reinforce Emphasis on AML Compliance and an Informed Risk Management Approach to BSA/AML Supervision

24 July 2019

On July 22, 2019, 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 published a Joint Statement on Risk-Focused Bank Secrecy Act/Anti-Money Laundering Supervision.  The Statement does not create new requirements or supervisory expectations.  It is significant, however, that FinCEN and the Federal Banking Agencies considered it important to reemphasize their risk-focused approach to BSA/AML supervision and noted that the Statement is part of a broader effort to reinforce and enhance the effectiveness and efficiency of the BSA/AML regime.  The issuance of the Statement is yet another demonstration of the focus of the US authorities on ensuring and enforcing BSA/AML compliance.

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