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.
The Federal Financial Institutions Examination Council added one section and updated three sections along with their respective examination procedures in its Bank Secrecy Act / AML Examination Manual.
The Federal Financial Institutions Examination Council updated four sections and respective examination procedures in its Bank Secrecy Act / AML Examination Manual.
The House Financial Services Committee Taskforce on Financial Technology considered the implications of central bank digital currencies as they pertain to (i) trade-offs in the design of different technological infrastructures, (ii) consumer privacy and (iii) increased access to financial services.
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.