Federal Reserve Governor Powell Speaks on AML and Bank Secrecy Act

Governor Jerome H. Powell spoke before the Committee on Banking, Housing, and Urban affairs in Washington D.C. with regard to the role that the Federal Reserve plays in the U.S. Government's effort to combat money laundering and terrorist financing. During his speech, Governor Powell highlighted the following points:

• The Bank Secrecy Act ("BSA") requires supervised institutions to establish a BSA compliance program.
• The Federal Reserve conducts a BSA and Treasury's Office of Foreign Assets Control ("OFAC") compliance program review to ensure that all banks are meeting their requirements.
• Enforcement is conducted by the Department of Justice in instances where serious problems have come to the attention of the Federal Reserve.

View speech in full here (links externally to Federal Reserve website).