Regulatory Focus on AML Continues – New Actions at the State and Federal Levels

31 August 2016
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Key takeaways

  • Federal and state regulators continue their focus on financial institutions’ compliance with anti-money laundering (“AML”) requirements.
  • New measures include: (1) a Joint Fact Sheet by the Treasury Department and federal banking agencies regarding correspondent banking; (2) an OCC Comptroller’s Handbook booklet discussing, among other issues, AML risk management; (3) a consent order between the NYDFS and Mega Bank for violations of New York’s AML requirements; and (4) actions by FinCEN establishing AML program requirements for certain state-chartered banks and trust companies and expanding the scope of a Geographic Targeting Order for high-end residential real estate markets.