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Home > News & Events > 2007 Banking and Consumer Regulatory Policy

Joint Press Release

Print

Conferences

Office of the Comptroller of the Currency
Board of Governors of the Federal Reserve System
Federal Deposit Insurance Corporation
Office of Thrift Supervision
National Credit Union Administration

For immediate release

July 19, 2007

Federal Financial Regulatory Agencies Issue Statement on Enforcement of Bank Secrecy Act/AntiMoney Laundering Requirements
The federal financial regulatory agencies on Thursday issued a statement setting forth the agencies’ policy for enforcing specific
anti-money laundering requirements of the Bank Secrecy Act (BSA). The purpose of the Interagency Statement on Enforcement
of Bank Secrecy Act/Anti-Money Laundering Requirements is to provide greater consistency among the agencies in enforcement
decisions in BSA matters and to offer insight into the considerations that form the basis of those decisions.
The applicable statutes provide that if a regulated institution fails to establish and maintain a BSA compliance program or fails to
correct a previously identified problem with its BSA compliance program, the appropriate agency shall issue a formal cease and
desist order. The statement, which reflects the agencies’ current practices on enforcement with respect to BSA compliance,
describes the circumstances under which the agencies will issue a cease and desist order in compliance with these statutory
provisions. The statement also makes clear that the agencies may take formal or informal enforcement actions to address other
concerns related to BSA or anti-money laundering, depending on the facts.
The statement complements the Bank Secrecy Act/Anti-Money Laundering Examination Manual, which was similarly designed to
foster interagency consistency and transparency regarding the BSA examination process. The statement, which was issued by
the Office of the Comptroller of the Currency, the Federal Reserve Board, the Federal Deposit Insurance Corporation, the Office
of Thrift Supervision, and the National Credit Union Administration, is attached.
Attachment (411 KB PDF)
Media Contacts:
OCC

Kevin Mukari

202-874-5770

Federal Reserve

Deborah Lagomarsino

202-452-2955

FDIC

David Barr

202-898-6992

OTS

Kevin Petrasic

202-906-6677

NCUA

Cherie Umbel

703-518-6330

2007 Banking and Consumer Regulatory Policy

Last update: July 19, 2007

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