July 19, 2007

Federal Financial Regulatory Agencies Issue Statement on Enforcement of Bank Secrecy Act/Anti-Money Laundering Requirements

  • Office of the Comptroller of the Currency
  • Board of Governors of the Federal Reserve System
  • Federal Deposit Insurance Corporation
  • Office of Thrift Supervision
  • National Credit Union Administration

For immediate release

The federal financial regulatory agencies on Thursday issued a statement setting forth the agencies’ policy for enforcing specific anti-money laundering requirements of the Bank Secrecy Act (BSA).  The purpose of the Interagency Statement on Enforcement of Bank Secrecy Act/Anti-Money Laundering Requirements is to provide greater consistency among the agencies in enforcement decisions in BSA matters and to offer insight into the considerations that form the basis of those decisions.

The applicable statutes provide that if a regulated institution fails to establish and maintain a BSA compliance program or fails to correct a previously identified problem with its BSA compliance program, the appropriate agency shall issue a formal cease and desist order.  The statement, which reflects the agencies’ current practices on enforcement with respect to BSA compliance, describes the circumstances under which the agencies will issue a cease and desist order in compliance with these statutory provisions.  The statement also makes clear that the agencies may take formal or informal enforcement actions to address other concerns related to BSA or anti-money laundering, depending on the facts. 

The statement complements the Bank Secrecy Act/Anti-Money Laundering Examination Manual, which was similarly designed to foster interagency consistency and transparency regarding the BSA examination process.  The statement, which was issued by the Office of the Comptroller of the Currency, the Federal Reserve Board, the Federal Deposit Insurance Corporation, the Office of Thrift Supervision, and the National Credit Union Administration, is attached.

Media Contacts:
OCC Kevin Mukari 202-874-5770
Federal Reserve Deborah Lagomarsino 202-452-2955
FDIC David Barr 202-898-6992
OTS Kevin Petrasic 202-906-6677
NCUA Cherie Umbel 703-518-6330
Last Update: July 19, 2007