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The Federal Reserve Board, the FDIC, FinCEN, the OCC and the Conference of State Bank Supervisors clarified the legal status of hemp and Suspicious Activity Report obligations for banks under the Bank Secrecy Act.

Commentary by Steven Lofchie

Federal banking agencies urged banks to pursue innovative approaches to meeting Bank Secrecy Act/Anti-Money Laundering ("BSA/AML") compliance obligations. In a joint statement, the Federal Reserve Board, the FDIC, FinCEN, the National Credit Union Administration and the Office of the Comptroller of the Currency (the "agencies") stated that innovation - including the use of artificial intelligence, digital identity technologies and internal financial intelligence units - has the potential to augment banks' programs for risk identification, transaction monitoring, and suspicious activity