The Federal Reserve Board, FDIC, FinCEN, NCUA, and OCC have issued a joint statement to encourage banks and credit unions to consider, evaluate, and, where appropriate, responsibly implement innovative approaches to meet their Bank Secrecy Act/anti-money laundering (BSA/AML) compliance obligations. The joint statement does not alter existing BSA/AML legal or regulatory requirements, nor does it establish new supervisory expectations.
The agencies will not advocate a particular method or technology for banks to comply with BSA/AML requirements. Banks that maintain BSA/AML compliance programs commensurate with their risk profiles but choose not to pursue innovative approaches will not be penalized or criticized by the agencies issuing the statement.
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