2023 Tax Calendar
VIEWpoint Issue 2 | 2022
Inflation Reduction Act: Highlights of Key Changes for You and Yo...
The 2022 Gift Tax Return Deadline Is Coming Up Soon
HUD Strengthens the Effects Test
President Biden’s Proposed Budget Includes Notable Tax Provis...
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.
This publication is distributed for informational purposes only, with the understanding that Doeren Mayhew is not rendering legal, accounting, or other professional opinions on specific facts for matters, and, accordingly, assumes no liability whatsoever in connection with its use. Should the reader have any questions regarding any of the news articles, it is recommended that a Doeren Mayhew representative be contacted.
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