FinCEN and Federal Banking Regulators Issue a Joint Statement to Encourage Innovative Industry Approaches to BSA/AML Compliance — 2018-12-03

WASHINGTON — The Federal Deposit Insurance Corporation (FDIC), along with the other federal banking regulators and the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN), today issued a joint statement to encourage depository institutions to consider, evaluate, and, where appropriate, responsibly implement innovative approaches to meet their Bank Secrecy Act/anti- money laundering (BSA/AML) compliance obligations in order to strengthen the financial system against illicit financial activity. In the statement, the Board of Governors of the Federal Reserve System, the FDIC, FinCEN, the National Credit Union Administration, and the Office of the Comptroller of the Currency recognize that private sector innovation, including adopting new technologies and finding new ways to use existing tools, can help banks identify and report money laundering, terrorist financing, and other illicit financial activity.