The U.S. economy is experiencing its weakest recovery since the Great Depression and must now confront its fiscal realities. The euro area has fallen back into recession and must refound itself. The Japanese economy is floundering. By comparison, Canada has done well. We had the shortest recession and the strongest recovery among major advanced economies.
In other words, supervisors have the flexibility to apply the appropriate level of scrutiny to higher-risk business lines. To ensure consistency in the design and execution of our BSA and OFAC examinations, we use procedures developed jointly with the member agencies of the Federal Financial Institutions Examination Council (FFIEC),1 FinCEN, and OFAC.