Federal U.S. Regulators Discourage De-Risking In Joint Statement

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).

To continue reading...

Our Key Benefits

PaymentsCompliance is a premium information service for compliance, legal and regulatory professionals. Our award-winning regulatory monitoring platform is used by many of the world's leading payment services providers and e-money institutions, regulators, challenger banks, fintechs and law firms.

We keep our clients informed of critical regulatory change and help them understand, with in-depth analysis, when change is coming and the implications for their organisation.

We provide our clients with a quantifiable and significant ROI by reducing the amount of time and money spent monitoring and analysing regulatory environments in multiple jurisdictions.