Regulatory AlertsSR 20-21: Joint Statement on Bank Secrecy Act Due Diligence Requirements for Customers Who May Be Considered Politically Exposed Persons
The Board of Governors of the Federal Reserve System, the FDIC, FinCEN, the NCUA, and the OCC issued a joint statement clarifying Bank Secrecy Act due diligence requirements for politically exposed persons. The Agencies specify that customer due diligence levels must be commensurate with risk and that no unique or additional regulatory requirements exist for foreign PEPs or U.S. public officials. This guidance confirms that existing BSA/AML legal requirements and supervisory expectations remain unchanged.
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