In July 2019, the OCC, FDIC, Federal Reserve, the NCUA, and 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. This statement is being issued as part of a broader effort to reinforce and enhance the effectiveness and efficiency of the BSA/AML regime. This statement is intended to improve transparency into the risk-focused approach used for planning and performing BSA/ AML examinations and does not establish new requirements.

Further, this statement aligns with the federal banking agencies’ longstanding practices for risk-focused safety and soundness examinations. A copy of the statement may be located here: https://www.fdic.gov/news/news/press/2019/pr19065a.pdf.

 

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