As bank de-risking continues to plague the worldwide financial system, U.S officials are encouraging regulated institutions to assess risk on a case-by-case basis, rather than making blanket decisions not to serve entire categories of customer types.
Five federal authorities recently released a joint statement to emphasize the agencies' “risk-focused approach to examinations of banks' Bank Secrecy Act/anti-money laundering (BSA/AML) compliance programs.”
It was co-signed by the Board of Governors of the Federal Reserve, the Federal Deposit Insurance Corporation, the National Credit Union Administration, the Office of the Comptroller of the Currency and the Treasury Department's Financial Crimes Enforcement Network (FinCEN).
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