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.
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.
FinCEN Director Kenneth Blanco described the agency's implementation efforts since the enactment of the Anti-Money Laundering Act of 2020.
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.
FinCEN Director Kenneth Blanco reviewed (i) recent trends in pandemic-related fraudulent activity, (ii) FinCEN's response and (iii) recent rulemakings and alerts aimed at combating cyber threats.