VIEWpoint Issue 1 | 2023
2023 Compliance Trends: Staying Ahead in an Evolving Regulatory E...
2023 Tax Calendar
On July 22, 2019, the federal financial institution regulatory agencies (NCUA, CFPB, OCC, FDIC, Federal Reserve) issued the Joint Statement on Risk-Focused Bank Secrecy Act/Anti-Money Laundering Supervision. The joint statement emphasizes the risk-based approach examiners are taking during BSA/AML examinations. It does not set any new standards or requirements.
Financial institutions are expected to utilize a risk-based BSA/AML compliance program, which is heavily dependent on their risk assessment. Examiners review a financial institution’s BSA/AML compliance program relative to its own unique risk profile. Consequently, every financial institution BSA/AML examination is different. In general, examiners spend less time on those areas deemed lower risk by the financial institution and where there are high-quality risk management processes in place to combat potential money laundering, terrorist financing and other illicit financial activity.
John Zasada, JD, CAMS – Regulatory Consulting Director, Financial Institutions Group. John can be reached at firstname.lastname@example.org.
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