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.