Regulatory AlertsSR 21-10: Interagency Statement on the Issuance of the Anti-Money Laundering/Countering the Financing of Terrorism National Priorities
The Board of Governors of the Federal Reserve System, the FDIC, the NCUA, the OCC, state regulators, and FinCEN issued an interagency statement clarifying the implementation of the first Anti-Money Laundering/Countering the Financing of Terrorism National Priorities. The guidance confirms that financial institutions are not required to incorporate these priorities into their risk-based Bank Secrecy Act compliance programs until the effective date of final revised regulations. Consequently, examiners will not assess compliance with the new priorities until those final rules take effect, though institutions are encouraged to begin preparing for upcoming requirements.
Share