The Federal Reserve Board, the FDIC, FinCEN, the National Credit Union Administration and the OCC clarified customer due diligence requirements for customers that may be "politically exposed persons."
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FinCEN, the Federal Reserve Board, the FDIC, the National Credit Union Administration and the OCC issued new guidance on suspicious activity reporting for covered financial institutions.
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.
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
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.