Federal regulators recently outlined a new risk-based approach to assess banks for Bank Secrecy Act/anti-money laundering (BSA/AML) rule compliance as part of an ongoing effort to increase transparency regarding their supervisory process.
Through its risk-focused approach, the federal agencies and the Treasury Department’s Financial Crimes Enforcement Network (FinCEN) said they intend to better tailor examination plans and procedures based on the unique risk profiles of individual banks in a joint statement.
Find out more about the new risk-based approach.