The Financial Crimes Enforcement Network (FinCEN) issued new guidance to provide clarity and transparency when contemplating compliance or enforcement actions against covered financial institutions that violate the Bank Secrecy Act (BSA).
FinCEN released its guidance in conjunction with federal regulators. The Federal Reserve, Federal Deposit Insurance Corp., National Credit Union Administration and the Office of the Comptroller of the Currency issued their own recent joint BSA guidance.
Read on for details from FinCEN, which is encouraging financial institutions to self-report violations.
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