Search
  • Elizabeth A. McMorrow

U.S. Financial Agencies Issue Joint Statement on Customer Risk

On July 6, 2022, five U.S. agencies responsible for various aspects of the U.S. financial industry issued a "Joint Statement on the Risk-Based Approach to Assessing Customer Relationships and Conducting Customer Due Diligence".


The five agencies are:

  • Board of Governors of the Federal Reserve System

  • Federal Deposit Insurance Corporation

  • Financial Crimes Enforcement Network

  • National Credit Union Administration

  • Office of the Comptroller of the Currency

The agencies reinforced "a longstanding position that no customer type presents a single level of uniform risk or a particular risk profile related to money laundering, terrorist financing, or other illicit financial activity."


The agencies "encourage[d] banks to manage customer relationships and mitigate risks based on customer relationships, rather than decline to provide banking services to entire categories of customers."


The full statement may be found here: Joint Statement on the Risk-Based Approach to Assessing Customer Relationships and Conducting Customer Due Diligence.


For assistance, please contact me via my contact page or at elizabeth@elizabethmcmorrowlaw.com.


#BSA #FinCEN #KYCAML


Recent Posts

See All

On October 27, 2022, the British Virgin Islands International Tax Authority (BVI ITA) announced the US$185.00 portal registration fee will start in the first quarter of 2023. The updated BVI Financial

The Bahamas Competent Authority announced the FATCA and Common Reporting Standard (CRS) portal will open for FATCA and CRS registration and submissions on Tuesday, November 1, 2022 at 9 AM EST. The po