The Financial Crimes Enforcement Network (FinCEN) and its regulatory partners have issued a joint statement to encourage banks and credit unions to take innovative approaches to combating money laundering, terrorist financing and other illicit financial threats.
FinCEN, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation (FDIC), the National Credit Union Administration (NCUA) and the Office of the Comptroller of the Currency (OCC), say adopting new technologies can enhance the effectiveness and efficiency of Bank Secrecy Act/Anti-Money Laundering (BSA/AML) compliance programs.
Read on for more details from the joint statement.
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