Federal agencies issue guidance on Bank Secrecy Act enforcement, anti-money-laundering requirements


In a joint statement released late last week, federal banking agencies, including the NCUA, updated enforcement guidance in an effort to enhance transparency regarding how they evaluate enforcement actions that are required by statute when financial institutions fail to meet Bank Secrecy Act and anti-money laundering obligations.

The guidance issued by the NCUA, Federal Reserve, FDIC and the OCC clarifies that isolated or technical violations or deficiencies are generally not considered the kinds of problems that would result in an enforcement action, according to an Aug. 13 NCUA press release.

The guidance also addresses how the agencies evaluate violations of individual components of the BSA/AML compliance program. Further, the guidance describes how the agencies incorporate the customer due-diligence regulations and recordkeeping requirements issued by the U.S. Department of the Treasury as part of its BSA/AML compliance program.

The federal agencies’ guidance can be accessed by clicking here.

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