Joint Release/Agencies Issue Statement and Request for Information on Bank Secrecy Act/Anti-Money Laundering Compliance — 2021-04-09

Agencies Issue Statement and Request for Information on Bank Secrecy Act/Anti- Money Laundering Compliance The federal banking agencies, in consultation with the Financial Crimes Enforcement Network and the National Credit Union Administration, today issued a joint statement addressing how risk management principles described in the “Supervisory Guidance on Model Risk Management” relate to systems or models used by banks to assist in complying with the requirements of Bank Secrecy Act (BSA) laws and regulations. The statement further notes that it does not alter existing BSA/anti-money laundering (AML) legal or regulatory requirements or establish new supervisory expectations, and that no specific model risk management framework is required.