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Financial Institution Letter |
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Joint Statement on Enforcement of
Bank Secrecy Act/Anti-Money Laundering Requirements
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Summary:
The FDIC, along with the Board of Governors of the Federal Reserve System, the National Credit Union Administration, and the Office of the Comptroller of the Currency, is issuing an updated joint statement on enforcement of Bank Secrecy Act/Anti-Money Laundering (BSA/AML) requirements. The joint statement does not create new expectations or standards, but describes circumstances in which an agency will issue a mandatory cease and desist order under section 8(s) of the Federal Deposit Insurance Act to address noncompliance with BSA/AML requirements.
A copy of the Joint Statement can be found on the FDIC’s website.
Statement of Applicability to Institutions:
This Financial Institution Letter (FIL) applies to FDIC-supervised banks and savings associations.
Distribution:
FDIC-Supervised Institutions
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