U.S. banking regulators will weigh next year whether to incorporate 2011 supervisory guidance on model risk management into the interagency manual used by Bank Secrecy Act examiners, say federal officials. If incorporated into the Federal Financial Institutions Examination Council (FFIEC) manual, the April 2011 guidance by the Office of the Comptroller of the Currency (OCC) and the Federal Reserve Board would also be used by Federal Deposit Insurance Corp. (FDIC) examiners, formally raising expectations for all banks regulated by the United States. "This is an issue that we will be looking at on an FFIEC working group level," said John...
The U.S. regulator of national banks has begun stress testing midsize financial institutions for adequate safety and soundness controls, including anti-money laundering and sanctions checks, say financial lobbyists and compliance officers.
A U.S. Treasury Department division charged with reviewing how financial institutions make use of complex risk models has begun asking questions about how companies calculate money laundering risks.
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