Latest Updates

Updates, Summaries, Proposed Rules, and Comment Letters from a network of agencies, including the Financial Crimes Enforcement Network (FinCEN), Treasury, FDIC, FFIEC, the Federal Reserve and more.

Joint Statement on the Risk-Based Approach to Assessing Customer Relationships and Conducting Customer Due Diligence

July 6, 2022 — The Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the Financial Crimes Enforcement Network, the National Credit Union Administration, and the Office of the Comptroller of the Currency (collectively, the Agencies) today issued a joint statement to remind banks of the risk-based approach to assessing customer relationships and conducting customer due diligence. This statement does not alter existing Bank Secrecy Act/Anti-Money Laundering legal or regulatory requirements, nor does it establish new supervisory expectations.

The Agencies recognize that it is important for customers engaged in lawful activities to have access to financial services. Therefore, the Agencies are reinforcing a longstanding position that no customer type presents a single level of uniform risk or a particular risk profile related to money laundering, terrorist financing, or other illicit financial activity.

Read the full statement here.

Federal and State Regulators Release Updates to the BSA/AML Examination Manual

June 21, 2021 — The Federal Financial Institutions Examination Council (FFIEC) today released updates to four sections of the Bank Secrecy Act/Anti-Money Laundering (BSA/AML) Examination Manual (Manual). Today’s updates affect the following Manual sections:

The updates should not be interpreted as new instructions or increased focus on certain areas; instead, they offer further transparency into the examination process and support risk-focused examination work. View the entire press release​

FFIEC Announces Availability of 2020 Data on Mortgage Lending
June 17, 2021 – The Federal Financial Institutions Examination Council (FFIEC) today announced the availability of data on 2020 mortgage lending transactions at 4,475 U.S. financial institutions reported under the Home Mortgage Disclosure Act (HMDA). Covered institutions include banks, savings associations, credit unions, and mortgage companies.

The HMDA data are the most comprehensive publicly available information on mortgage market activity. They are used by industry, consumer groups, regulators, and others to assess potential fair lending risks and for other purposes.