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ARTICLE · 13 DECEMBER 2018

Joint Statement On BSA/AML Innovation Provides Clarity And Flexibility

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n December 3, 2018, the federal bank regulatory agencies, the National Credit Union Administration and the Financial Crimes Enforcement Network (FinCEN) ...

United StatesGovernment, Public Sector
David Freeman, Jr.
David Freeman, Jr.
Richard Alexander
Richard Alexander
Christopher Allen
Christopher Allen
Robert Azarow
Robert Azarow
Michael Mancusi
Michael Mancusi
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Brian McCormally
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Erik Walsh
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Amber A. Hay
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Kevin Toomey
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On December 3, 2018, the federal bank regulatory agencies, the National Credit Union Administration and the Financial Crimes Enforcement Network (FinCEN) (collectively, the Agencies), took another step toward fostering new approaches to identifying, monitoring and reporting money laundering, terrorist financing and other illicit financial activity by issuing a Joint Statement on Innovative Efforts to Combat Money Laundering and Terrorist Financing. 1Specifically, the Agencies state that the Joint Statement was issued "to encourage banks2 to consider, evaluate, and, where appropriate, responsibly implement innovative approaches to meet their Bank Secrecy Act/anti-money laundering (BSA/AML) compliance obligations, in order to further strengthen the financial system against illicit financial activity."

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