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Reducing money-laundering risk in financial services

Jaclyn Jaeger | September 26, 2017

Amid intensified regulatory scrutiny and enforcement in the financial services industry, prudent risk and compliance professionals in banks of all sizes will want to check out two new reports that will help them gauge the effectiveness of their Bank Secrecy Act compliance programs.

The Bank Secrecy Act (BSA) refers to a series of laws and regulations that have been enacted in the United States to combat money laundering and terrorism financing. By law, financial institutions must monitor for suspicious activities and identify and report them to law enforcement.

To assess the current state of BSA compliance programs, the Federal Deposit Insurance Corporation (FDIC) has issued a Supervisory Update that provides an overview of the BSA/Anti-Money Laundering (AML) examination process, discusses trends in supervision and enforcement, and includes examples of...

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