OCC regulatory focus

OCC Announced its Regulatory Focus for 2016

Risk Management Association Blog

The Office of the Comptroller has announced its supervisory priorities for their fiscal year, October 2015 to September 2016. For large, midsize and community banks, its priority is assessing the effectiveness of the Bank Secrecy Act and Anti-Money Laundering programs.

The BSA requires U.S. financial institutions to assist U.S. government agencies in detecting and preventing money laundering, and the AML rules were implemented to amend the BSA.

Advancing technology has brought with it rapidly evolving money laundering methods and the OCC wants to ensure that institutions of all sizes are doing everything they can to prevent it, as well as terrorist financing schemes.

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