Federal regulators issued a joint statement addressing how risk management principles in “Supervisory Guidance on Model Risk Management” relate to banking systems or models designed for Bank Secrecy Act compliance.
Agencies issue joint statement on BSA/AML compliance
April 12, 2021 / By ICBA
Federal regulators issued a joint statement addressing how risk management principles in “Supervisory Guidance on Model Risk Management” relate to banking systems or models designed for Bank Secrecy Act compliance.
Federal regulators issued a joint statement addressing how risk management principles in “Supervisory Guidance on Model Risk Management” relate to banking systems or models designed for Bank Secrecy Act compliance.
Statement: The statement says no specific risk management framework is required. It also notes the statement does not alter existing BSA/AML legal or regulatory requirements or establish new supervisory expectations.
Feedback: The agencies also requested information within 60 days on how the principles discussed in the guidance support BSA/AML compliance and whether additional clarification would be helpful.
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