Statement of Edward W. Kelley, Jr.
Board of Governors of the Federal Reserve System

It is crucial that financial institutions protect themselves from the legal, reputational and safety and soundness risks associated with being used as conduits for the proceeds of foreign official corruption. Thus, we are pleased to join with the departments of Treasury and State and the other banking regulators in distributing this guidance, designed to enhance financial institutions’ due diligence and anti-money laundering programs.

Press release
Supervisory letter
Guidance (28 KB PDF)

2001 Banking and consumer regulatory policy

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Last update: January 16, 2001