We recognize the commitment that organizations have made to compliance with BSA/AML requirements, and, in return, we continue to work to ensure that obligations in this area are clearly communicated to banking organizations and examiners alike.
The Federal Reserve strives to provide clear and comprehensive guidance that directly communicates our expectations to the institutions we supervise, so that institutions do not need to rely on, for example, their own interpretations of public enforcement cases, which are not intended to serve as industry-wide compliance guidance.