Joint statement on BSA/AML supervision issued
The three prudential bank regulators, the NCUA and FinCEN have issued a joint press release to announce a Joint Statement on Bank Secrecy Act/Anti-Money Laundering Supervision as part of continuing efforts to improve transparency into their risk-focused approach to BSA/AML supervision.
The statement outlines common practices for assessing a bank's money laundering/terrorist financing risk profile, assisting examiners in scoping and planning the examination and initially evaluating the adequacy of the BSA/AML compliance program. Using this approach, the agencies generally are able to allocate more resources to higher-risk areas and fewer resources to lower-risk areas when conducting BSA/AML examinations. The statement does not establish new requirements, and also notes that having a risk-based compliance program enables a bank to allocate compliance resources commensurate with its risk.