Highlights:
- On July 19, 2007, the federal financial regulatory agencies released the attached Interagency Statement on Enforcement of BSA/AML Requirements. The statement provides for greater consistency in enforcement decisions in BSA matters and offers insight into the considerations about those decisions.
- The statement describes the circumstances and provides examples under which the agencies will issue a cease and desist order. Applicable statutes mandate that the appropriate agency shall issue a cease and desist order if a regulated institution fails to: (1) establish and maintain a BSA compliance program; or (2) correct a previously identified problem with its BSA compliance program.
- The statement reflects the FDIC's current practices of enforcement regarding BSA compliance. It complements guidance provided in the Federal Financial Institutions Examination Council's BSA/AML Examination Manual, which was similarly designed to foster interagency consistency and transparency regarding the BSA examination process.
- The statement clarifies that the agencies, depending upon the relevant facts, have the authority take a formal or informal enforcement action to address other BSA or AML concerns as necessary.
Distribution:
FDIC-Supervised Banks (Commercial and Savings)
Suggested Routing:
Chief Executive Officer
BSA Compliance Officer
Related Topics:
Bank Secrecy Act/Anti-Money Laundering
Programs
Attachment:
Interagency Statement on Enforcement of Bank Secrecy Act/Anti-Money Laundering Requirements
Contact:
Review Examiner Heather L. Basnett at
SASFIL@FDIC.gov or (202) 898-3673
Printable Format:
FIL-71-2007 - PDF (PDF Help)
Note:
FDIC financial institution letters (FILs) may be
accessed from the FDIC's Web site at:
http://www.fdic.gov/news/news/financial/2007/index.html.
To receive FILs electronically, please visit
http://www.fdic.gov/about/subscriptions/fil.html.
Paper copies of FDIC financial institution letters
may be obtained through the FDIC's Public
Information Center, 3501 Fairfax Drive, E-1002,
Arlington, VA 22226 (1-877-275-3342 or 703-562-
2200).
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