Request for Information and Comment: Extent to Which Model Risk Management Principles Support Compliance with Bank Secrecy Act/Anti-Money Laundering and Office of Foreign Assets Control Requirements

Title:
Request for Information and Comment: Extent to Which Model Risk Management Principles Support Compliance with Bank Secrecy Act/Anti-Money Laundering and Office of Foreign Assets Control Requirements
Subject: BSA/AML, OFAC compliance
Agency: FDIC, Federal Reserve, NCUA, OCC, FinCEN
Status:
Request for information
Summary:
The OCC, Board, FDIC, NCUA, and FinCEN (collectively, the agencies), seek information and comment from interested parties on the extent to which the principles discussed in the interagency Supervisory Guidance on Model Risk Management (referred to as the “model risk management guidance,” or MRMG) support compliance by banks with Bank Secrecy Act/anti-money laundering (BSA/AML) and Office of Foreign Assets Control (OFAC) requirements. The agencies seek this information to enhance their understanding of bank practices in these areas and determine whether additional explanation or clarification may increase transparency, effectiveness, or efficiency. The OCC, Board, and FDIC, in consultation with NCUA and FinCEN, are concurrently issuing a statement to clarify that the risk management principles discussed in the MRMG are appropriate considerations in the context of the BSA/AML statutory and regulatory requirements.
FR Doc: 2021-07428
Date proposed: April 9, 2021
Comments due date: June 11, 2021
Effective date:

Rule compliance date:
Agency release: Agencies issue statement and request for information on Bank Secrecy Act/anti-money laundering compliance
Related Reg Report item(s):

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

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