FinCEN Studying How to Risk-Focus in BSA Exams, Add Compliance Verification Component

WASHINGTON — Under a recently announced initiative, Treasury is looking at ways to enhance the risk-based approach to Bank Secrecy Act examination, Financial Crimes Enforcement Network Director James Freis said during a recent anti-money laundering conference.

Freis told the American Bankers Association/American Bar Association Money Laundering Enforcement Conference, “FinCEN and the regulatory community recognize that not all financial institutions are subject to the same risk. This is certainly not a new revelation…But it is important that we ask ourselves: How well are we doing in identifying risks through the examination process and focusing both government and industry resources on those areas where the risk is greatest?”

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