The federal financial regulatory agencies issued a joint statement clarifying their enforcement approach for Bank Secrecy Act/anti-money laundering obligations and the circumstances under which an agency would take action to address BSA/AML deficiencies.
The statement further clarifies when a cease and desist order for BSA/AML noncompliance will be issued for cases where an institution fails to establish and maintain a reasonably designed BSA/AML compliance program or correct previously reported problems with its program.
An agency may also take a formal or informal action against an institution for other BSA/AML program concerns or deficiencies related to Suspicious Activity Report filings and other recordkeeping requirements.