Sat. Aug 13th, 2022

The Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the Financial Crimes Enforcement Network, the National Credit Union Administration, and the Office of the Comptroller of the Currency (collectively, the Agencies) today issued a joint statement to remind banks of the risk-based approach to assessing customer relationships and conducting customer due diligence. This statement does not alter existing Bank Secrecy Act/Anti-Money Laundering legal or regulatory requirements, nor does it establish new supervisory expectations.

The Agencies recognize that it is important for customers engaged in lawful activities to have access to financial services. Therefore, the Agencies are reinforcing a longstanding position that no customer type presents a single level of uniform risk or a particular risk profile related to money laundering, terrorist financing, or other illicit financial activity.

Joint Statement on the Risk Based Approach to Assessing Customer Relationships and Conducting CDD FINAL

Source – Fincen.gov: https://www.fincen.gov/news/news-releases/joint-statement-risk-based-approach-assessing-customer-relationships-and