Skip to content

Comments due on agencies' RFI on BSA/AML model riesk management principles

04/12/2021
Status: 

The federal banking agencies, in consultation with the Financial Crimes Enforcement Network and the National Credit Union Administration, on Friday issued a joint statement addressing how risk management principles described in the "Supervisory Guidance on Model Risk Management" relate to systems or models used by banks to assist in complying with the requirements of Bank Secrecy Act laws and regulations. The statement further notes that it does not alter existing BSA/AML legal or regulatory requirements or establish new supervisory expectations, and that no specific model risk management framework is required.

The agencies, along with the National Credit Union Administration and the Financial Crimes Enforcement Network, also announced a request for information on the extent to which the principles discussed in the guidance support compliance by banks and credit unions with BSA/AML and Office of Foreign Assets Control requirements. The agencies are seeking comments and information to better understand bank practices and determine whether additional explanation or clarification may be helpful.

Comments to the RFI will be accepted for 60 days, through June 11, 2021.

Penalties View All

Banker Store View All

From training, policies, forms, and publications, to office products and occasional gifts, it’s available here:

Banker Store

hot right now

image description

Looking for effective, convenient training on a particular subject?

BOL Learning Connect offers more than 200 courses ON-DEMAND or on CD ROM from AML to Reg Z and every topic in between.

Compliance Deadlines

By Status