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April 12, 2021
Commentary by Christian Larson

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.

October 03, 2018

In an interagency statement, the Federal Reserve Board, FDIC, National Credit Union Administration, Office of the Comptroller of the Currency and FinCEN (collectively, the "agencies") addressed instances in which banks may share resources collaboratively in order to manage their Bank Secrecy Act ("BSA") and anti-money laundering ("AML") obligations. The agencies stated that collaborative arrangements are most suitable for community banks, which maintain "less complex operations and lower risk profiles for money laundering and terrorist financing." The interagency statement made clear that "the

December 03, 2018
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