The Federal Financial Institutions Examination Council has released updated guidance on money-laundering risks. The new guidance focuses on 12 areas where institutions should be focused on compliance. Compliance costs will lead to more mergers in coming months and years, expert says. FFIEC: “A financial institution can strengthen its BSA/AML compliance culture by ensuring that its leadership actively supports and understands compliance efforts by the end of the year” The agency has issued a number of advisories and letters about increasing BSA compliance.”]
Source: https://www.cuinfosecurity.com/ffiec-updates-bsa-guidance-a-7633