Federal Bank Regulatory Agencies and FinCEN Improve Transparency of Risk-Focused BSA/AML Supervision — 2019-07-22

Board of Governors of the Federal Reserve System Federal Deposit Insurance Corporation Joint Release Financial Crimes Enforcement Network National Credit Union Administration Office of the Comptroller of the Currency Federal Bank Regulatory Agencies and FinCEN Improve Transparency of Risk- Focused BSA/AML Supervision WASHINGTON – As a result of a working group established by the U.S. Department of the Treasury's Office of Terrorism and Financial Intelligence, the federal bank regulatory agencies and the U.S. Department of the Treasury's Financial Crimes Enforcement Network (FinCEN) today issued a joint statement as part of continuing efforts to improve transparency into their risk-focused approach to Bank Secrecy Act (BSA)/anti-money laundering (AML) supervision. The risk-focused approach enables federal agencies to better tailor examination plans and procedures based on the unique risk profile of each bank.