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.
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A federal savings bank settled OCC charges and FinCEN charges for violating Bank Secrecy Act regulations and failing to adequately implement anti-money laundering programs.
FinCEN and the OCC penalized a Texas-based bank for willful violations of the Bank Secrecy Act and its implementing regulations.
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.