At the Intersection of Technology, Law, and Business
December 14, 2018 - Financings

Agencies Issue Further Guidance Regarding Emerging Approaches to BSA/AML Compliance

UK Regulations: Urgent Action Required from Loan-Based Crowdfunding Platforms

On December 3, 2018, the Board of Governors of the Federal Reserve System, Federal Deposit Insurance Corporation, Financial Crimes Enforcement Network, National Credit Union Administration, and Office of the Comptroller of the Currency (collectively, the “Agencies”) issued a joint statement regarding “innovative approaches” to Bank Secrecy Act/anti-money laundering compliance. This is the second joint statement issued this year by the Agencies addressing approaches to BSA/AML compliance. 

This alert discusses those statements along with the broader effort by the Agencies to enhance the efficiency and effectiveness of the BSA, and continued Congressional interest in BSA-related legislative reform.

Read our client alert.