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
Participants in the EU-U.S. Joint Financial Regulatory Forum highlighted cross-border interagency coordination on (i) financial stability, (ii) climate-related financial risks, (iii) banking and insurance regulation and supervision, (iv) capital markets, (v) operational resilience, (vi) digital finance and (vii) AML/CFT compliance.
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.
A Federal Reserve Board, FDIC, OCC, SEC and CFTC final rule amending the "covered funds" provisions of the Volcker Rule was published in the Federal Register.
The CFPB, Federal Reserve Board, FDIC, National Credit Union Administration and OCC clarified their compliance expectations for mortgage servicers on consumer communication requirements during the pandemic.