- 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.
FDIC-Supervised Banks (Commercial and Savings)
Chief Executive Officer
BSA Compliance Officer
Bank Secrecy Act/Anti-Money Laundering
Interagency Statement on Enforcement of
Bank Secrecy Act/Anti-Money Laundering Requirements
Review Examiner Heather L. Basnett at
SASFIL@FDIC.gov or (202) 898-3673
FIL-71-2007 - PDF (PDF Help)
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