Regulatory Alerts2022-07-06
Added · Updated
SR 22-5: Joint Statement on the Risk-Based Approach to Assessing Customer Relationships and Conducting Customer Due Diligence
The Board of Governors of the Federal Reserve System, the FDIC, FinCEN, NCUA, and OCC issued a joint statement reminding banks of the risk-based approach to assessing customer relationships and conducting customer due diligence. The agencies reinforce that no customer type presents a uniform risk profile for money laundering or terrorist financing, and banks are neither prohibited nor discouraged from providing services to any specific class of customers. This guidance applies to all customer types referenced in the FFIEC BSA/AML Examination Manual and emphasizes that risk depends on specific facts and circumstances rather than broad categorizations.