In a Financial Institution Letter, the FDIC explained recent revisions to the Federal Financial Institutions Examination Council's examination manual aimed at providing greater transparency on examination procedures and compliance with the Bank Secrecy Act.
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The Federal Reserve Board, the FDIC, FinCEN, the NCUA and the OCC reminded banks to apply a risk-based approach when assessing customer relationships and conducting customer due diligence on anti-money laundering risks.
FDIC Chair Jelena McWilliams warned that, unless appropriate regulation is provided allowing for banks' engagement with new product developments such as blockchain technologies, these products will inevitably move outside of the traditional banking system.
FinCEN issued the first government-wide list of priorities concerning anti-money laundering and counter-terrorism financing policy.
In a joint statement, the Federal Reserve Board, the FDIC and the OCC, in consultation with FinCEN and the National Credit Union Administration, described how the agencies' "Supervisory Guidance on Model Risk Management" relates to Bank Secrecy Act / Anti-Money Laundering systems.