Agencies Issue Fact Sheet on AML, Sanctions Enforcement

The Treasury Department and the federal banking agencies issued a fact sheet today to communicate expectations about anti-money laundering and sanctions enforcement. The document also outlined AML supervision and exam processes, enforcement actions by prudential regulators and the intersecting roles of the regulatory agencies and Treasury entities.

“The vast majority (about 95%) of [Bank Secrecy Act]/[Office of Foreign Assets Control] compliance deficiencies identified by the FBAs, FinCEN, and OFAC are corrected by the institution’s management without the need for any enforcement action or penalty,” the agencies noted.