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iS4B Breaking-down the Inter-agency Statement on Enforcement of BSA/AML Requirements


On August 13, 2020, the Board of Governors of the Federal Reserve System (FRB), the Office of the Comptroller of the Currency (OCC), the Federal Deposit Insurance Corporation (FDIC), and the National Credit Union Administration (NCUA) issued a joint statement on “Enforcement of Bank Secrecy Act/Anti-Money Laundering Requirements”. This statement supersedes the original inter-agency statement on the subject issued in July 2007.

A Long Time Coming …

It is interesting to note that it took these Agencies 13 years to issue a clarification on the original statement and to set forth general policy guidelines. In particular, the s