Compliance lapses seen in currency reports and information sharing by U.S. bank regulator – 6th September 2017

Lapses in filing currency transaction reports and in meeting information-sharing requirements are the most common Bank Secrecy Act compliance failures cited by the Federal Deposit Insurance Corporation in a new report. “Common violations under the FDIC’s BSA compliance program and suspicious activity reporting requirements relate to suspicious activity report filing deficiencies and inadequate systems of internal controls,” said the report, issued last week in the FDIC’s Supervisory Insights publication. Banks can avoid being cited for such failures “by maintaining effective BSA/AML internal control structures,” the report states.



Brett Wolfe, Regulatory Intelligence