Bank Regulators Urge 'Risk-Based' Approach To AML Exams

By Al Barbarino (April 17, 2020, 10:31 PM EDT) -- U.S. banking regulators are urging Bank Secrecy Act and anti-money laundering examiners to tailor exams to the individual risk profiles of banks amid the uncertainty caused by COVID-19.

The Federal Financial Institutions Examination Council, a group of five U.S. banking regulators, issued a number of updates to the BSA/AML Examination Manual on Wednesday, reminding examiners that banks have flexibility in designing their BSA/AML compliance programs. The updates also provide instructions for tailoring exams to banks' risk profiles.

"The agencies are aware of the uncertainty faced by financial institutions during this unprecedented time," the council said in a statement Wednesday, noting that...

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