InfoSight Spotlight: Regulators encourage innovation for BSA/AML compliance

The Federal Reserve Board, FDIC, FinCEN, NCUA, and OCC have issued a joint statement to encourage banks and credit unions to consider, evaluate, and, where appropriate, responsibly implement innovative approaches to meet their Bank Secrecy Act/anti-money laundering (BSA/AML) compliance obligations. The joint statement does not alter existing BSA/AML legal or regulatory requirements, nor does it establish new […]

The Federal Reserve Board, FDIC, FinCEN, NCUA, and OCC have issued a joint statement to encourage banks and credit unions to consider, evaluate, and, where appropriate, responsibly implement innovative approaches to meet their Bank Secrecy Act/anti-money laundering (BSA/AML) compliance obligations. The joint statement does not alter existing BSA/AML legal or regulatory requirements, nor does it establish new supervisory expectations.

The agencies will not advocate a particular method or technology for banks to comply with BSA/AML requirements. Banks that maintain BSA/AML compliance programs commensurate with their risk profiles but choose not to pursue innovative approaches will not be penalized or criticized by the agencies issuing the statement.

Read the full InfoSight newsletter here.

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The League of Southeastern Credit Unions & Affiliates represents 342 credit unions in Alabama, Florida and Georgia, with a combined total of $118.63 billion in assets and more than 10.1 million members. LSCU & Affiliates provides legislative and regulatory advocacy; education and training; cooperative initiatives (including financial education outreach); public messaging; information services; and business solutions.

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To create an environment that enables credit unions to grow and succeed.

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To be the trusted advocate and preferred source of information for credit unions.

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