All the principal American financial regulatory agencies, OCC, NCUA, FDIC and FRS, have issued a Joint Statement on Risk-Focused Bank Secrecy Act/Anti-Money Laundering Supervision. The white paper explains that agency auditors will focus on the requirement that banks and credit unions to identify, measure, monitor and control risks, and to report possible money laundering, terrorist financing and illicit financial activity.
It further reminds us that the risk-focused approach is the foundation for the FFIEC BSA/AML Examination Manual. Readers who wish to review the Statement, may access the complete text here.
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