FinCEN and Banking Agencies Encourage Innovation in BSA/AML Compliance
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Key takeaways:
- On December 3, 2018 the Treasury Department and federal banking agencies issued a joint statement encouraging banks to consider, evaluate and implement innovative approaches to meeting their Bank Secrecy Act/anti-money laundering (“BSA/AML”) compliance obligations, including through use of emerging technologies.
- The joint statement suggests a greater willingness among the federal banking agencies to engage proactively with the private sector. This is consistent with recent efforts in Congress to modernize the BSA/AML framework, which has been mostly unchanged for nearly two decades.