FinCEN Issues Statement on Risk-focused BSA/AML Supervision

Federal financial regulators, along with the Treasury’s Financial Crimes Enforcement Network (FinCEN), have issued a statement on risk-focused Bank Secrecy Act/Anti-Money Laundering (BSA/AML) supervision. The statement does not include any new requirements but is intended to improve transparency into the risk-focused approach used for planning and performing BSA/AML examinations.

BSA/AML compliance programs should be risk-based and designed to identify and report potential money laundering, terrorist financing, and other illicit financial activity.

Federal regulators conduct risk-focused BSA/AML examinations and tailor examination plans and procedures based on the risk profile of each institution. 

Click here to read FinCEN’s full statement.