Interagency Working Group Formed on Bank Secrecy Act/Anti-Money Laundering
|June 24, 2004|
The Federal Financial Institutions Examination Council (FFIEC) has formed an interagency working group in order to enhance coordination of Bank Secrecy Act (BSA)/Anti-Money Laundering (AML) training and awareness. The coordination will include improving communication between the Federal banking agencies and the Financial Crimes Enforcement Network (FinCEN). The working group will build on existing efforts and work to strengthen the activities that are already being pursued by other formal and informal interagency groups providing oversight of various BSA/AML-related matters, such as the important work underway in the Bank Secrecy Act Advisory Group, the Bank Fraud Working Group, the SAR Owners group and, internationally, through groups such as the Financial Action Task Force. All of these efforts are extremely important in light of the global impact of money laundering and the financing of terrorism.