Agencies invite feedback on principles in BSA/AML risk management guidance

Feedback on how much the principles in the 2017 interagency “Supervisory Guidance on Model Risk Management” support compliance by banks and credit unions with Bank Secrecy Act/anti-money laundering (BSA/AML) and Office of Foreign Assets Control requirements is sought in a request for information (RFI) announced Friday by federal regulators.

The RFI was issued jointly by the Federal Deposit Insurance Corp. (FDIC), Federal Reserve, National Credit Union Administration (NCUA), Office of the Comptroller of the Currency (OCC), and Treasury’s Financial Crimes Enforcement Network (FinCEN) for a 60-day public comment period. The aim of the RFI is to enhance the agencies’ understanding of institutions’ practices with respect to BSA/AML and OFAC compliance and determine whether additional explanation or clarification may increase transparency, effectiveness, or efficiency, according to the notice of RFI.

While the banking agencies’ model risk management guidance (MRMG) does not apply to credit unions, the RFI nonetheless seeks input from the perspective of banks as well as credit unions.

The OCC, Fed Board, and FDIC, in consultation with the NCUA and FinCEN, also issued a statement Friday to clarify that the risk management principles discussed in the model risk management guidance (MRMG) are appropriate considerations in the context of the BSA/AML statutory and regulatory requirements.

The RFI is scheduled to publish Monday in the Federal Register.

Agencies issue statement and request for information on Bank Secrecy Act/anti-money laundering compliance

Request for information (Federal Register notice)

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