Bank Secrecy Act Interagency Statement on Enforcement of Bank Secrecy Act /anti-money Laundering Requirements

Bank Secrecy Act (BSA)Federal Deposit Insurance Corporation (FDIC)Anti-Money Laundering

Summary: The federal financial regulatory agencies have issued the attached statement setting forth the policy for enforcing specific anti-money laundering (AML) requirements of the Bank Secrecy Act (BSA).

Highlights:

• On July 19, 2007, the federal financial regulatory agencies released the attached Interagency Statement on Enforcement of BSA/AML Requirements. The statement provides for greater consistency in enforcement decisions in BSA matters and offers insight into the considerations about those decisions.
• The statement describes the circumstances and provides examples under which the agencies will issue a cease and desist order. Applicable statutes mandate that the appropriate agency shall issue a cease and desist order if a regulated institution fails to: (1) establish and maintain a BSA compliance program; or (2) correct a previously identified problem with its BSA compliance program.
• The statement reflects the FDIC's current practices of enforcement regarding BSA compliance. It complements guidance provided in the Federal Financial Institutions Examination Council's BSA/AML Examination Manual, which was similarly designed to foster interagency consistency and transparency regarding the BSA examination process.
  
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