US Banking Regulators Seek Feedback on AML, BSA Model Risk Management Practices

U.S. Federal Reserve Chair Janet Yellen speaking at an awards presentation in Washington, D.C., on Tuesday, Nov. 7, 2017. On Friday, April 9, 2021, the Federal Reserve and other regulators asked banks for feedback on model-risk management practices. (Getty Images)


Legs & Regs


Enforcement Actions

The Monetary Authority of Singapore imposed a S$1 million fine against the Singapore Branch of the Basel, Switzerland-based financial institution for failing to comply with anti-money laundering and counterterrorist financing requirements.
The Financial Industry Regulatory Authority issued the fine against the New York, NY-based firm for failure to properly implement and anti-money laundering program as required under the Bank Secrecy Act.