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A thumbs up for smaller banks sharing BSA AML resources

Joe Mont | October 5, 2018

Federal bank regulators announced this week that certain community banks and credit unions will be allowed to share resources in effort to bolster Bank Secrecy Act compliance and anti-money laundering obligations.

The announcement was made on Oct. 3 by the Board of Governors of the Federal Reserve System, Federal Deposit Insurance Corporation, Financial Crimes Enforcement Network, National Credit Union Administration, and the Office of the Comptroller of the Currency.

Collaborative arrangements, as described in the statement, are generally are most suitable for financial institutions with a community focus, less complex operations, and lower-risk profiles for money laundering or terrorist financing. 

“This joint statement is part of a broader effort to work closely with our regulatory partners to strengthen the anti-money laundering defenses across the U.S. financial...

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