The federal bank regulatory agencies and the Financial Crimes Enforcement Network (FinCEN) have issued a joint statement to improve transparency to Bank Secrecy Act/Anti-Money Laundering (BSA/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.
Read on for highlights of the statement from the Federal Deposit Insurance Corp., Federal Reserve Board and others.
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