Bank Secrecy Act Interagency Statement on Enforcement of Bank Secrecy Act/Anti-Money Laundering Requirements

Highlights: 
 

• On July 19, 2007, the federal financial regulatory agencies released the attached Interagency Statement on Enforcement of BSA/AML Requirements. The statement provides for greater consistency in enforcement decisions in BSA matters and offers insight into the considerations about those decisions.
• The statement describes the circumstances and provides examples under which the agencies will issue a cease and desist order. Applicable statutes mandate that the appropriate agency shall issue a cease and desist order if a regulated institution fails to: (1) establish and maintain a BSA compliance program; or (2) correct a previously identified problem with its BSA compliance program.
• The statement reflects the FDIC's current practices of enforcement regarding BSA compliance. It complements guidance provided in the Federal Financial Institutions Examination Council's BSA/AML Examination Manual, which was similarly designed to foster interagency consistency and transparency regarding the BSA examination process.
• The statement clarifies that the agencies, depending upon the relevant facts, have the authority take a formal or informal enforcement action to address other BSA or AML concerns as necessary.

Distribution: 
FDIC-Supervised Banks (Commercial and Savings)

Suggested Routing: 
Chief Executive Officer 
BSA Compliance Officer

Note: 
FDIC financial institution letters (FILs) may be accessed from the FDIC's Web site at: http://www.fdic.gov/news/financial-institution-letters/2007/index.html .

To receive FILs electronically, please visit http://www.fdic.gov/about/subscriptions/fil.html .

Paper copies of FDIC financial institution letters may be obtained through the FDIC's Public Information Center, 3501 Fairfax Drive, E-1002, Arlington, VA 22226 (1-877-275-3342 or 703-562- 2200).