Fed Asks Banks For Input On AML Risk Models

On Apr 10, 2021

Law360 (April 9, 2021, 7:46 PM EDT) — The Federal Reserve Board and a group of U.S. banking agencies asked the nation’s banks on Friday for input on how they use risk models to comply with Bank Secrecy Act regulations, including models used to track and report suspicious activities.

The group made the request for information as it concurrently issued an interagency statement that aims to draw a link between risk management principles outlined in the Supervisory Guidance on Model Risk Management — or MRMG, issued in 2011 — and the modeling used by banks to assist with BSA compliance.

“The agencies are seeking comments and information to better…

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Fed Asks Banks For Input On AML Risk Models

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