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OCC Bulletin 2022-18
July 6, 2022
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Chief Executive Officers of All National Banks, Federal Savings Associations, and Federal Branches and Agencies; Department and Division Heads; All Examining Personnel; and Other Interested Parties
The Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the Financial Crimes Enforcement Network, and the National Credit Union Administration (collectively, the agencies) today issued a joint statement to remind banks1 of the risk-based approach to assessing customer relationships and conducting customer due diligence (CDD). The agencies recognize that it is important for customers engaged in lawful activities to have access to financial services. This statement does not alter existing Bank Secrecy Act/Anti-Money Laundering (BSA/AML) legal or regulatory requirements, nor does it establish new supervisory expectations.
The joint statement applies to community banks.
The joint statement explains
Please contact James Vivenzio, Director of BSA & AML Policy, Bank Supervision Policy, at (202) 649-5561.
Grovetta N. Gardineer
Senior Deputy Comptroller for Bank Supervision Policy
1 Under the Bank Secrecy Act and for purposes of the joint statement, the term bank is defined in 31 CFR 1010.100(d) and includes each agent, agency, branch, or office within the United States of banks, savings associations, credit unions, and foreign banks.
2 Refer to 31 CFR 1020.210(a)(2)(v).