Removing Barriers Blog

Agencies Issue Joint Statement on BSA/AML Resource Sharing
Posted October 08, 2018 by CUNA Advocacy

FinCEN and the federal depository institution regulators issued a joint statement on October 3rd to address the benefits of financial institutions entering into collaborative arrangements to help manage their Bank Secrecy Act (BSA) and anti-money laundering (AML) obligations more efficiently and effectively.

Collaborative arrangements as described in the statement generally are most suitable for financial institutions with a "community focus, less complex operations, and lower-risk profiles for money laundering or terrorist financing."

Among other things, the statement aims to:

  • Highlight the potential benefits of collaborative arrangements that pool resources, such as staff, technology, or other resources, to increase operational efficiencies, reduce costs, and leverage specialized expertise; and
  • Outline risk considerations and mitigation measures associated with the use of collaborative arrangements.

The statement notes that financial institutions should approach the establishment of collaborative arrangements like other business decisions, with due diligence and thorough consideration of the risks and benefits.

For more information, read the press release and the joint statement.