Agencies Seeking Comments on Whether Risk Management Guidance Aids Compliance With OFAC, Other Regs
Several federal agencies are seeking comments to determine whether an interagency risk management guidance supports banks’ compliance with sanctions and anti-money laundering requirements, a joint notice said April 12. The Supervisory Guidance on Model Risk Management, developed by the Federal…
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Reserve board of governors and the Office of the Comptroller of the Currency, describes the elements of effective bank risk management programs and is meant to help banks better comply with U.S. sanctions requirements, among other regulations. The agencies are asking for feedback on how well the guidance helps banks comply with Office of Foreign Assets Control sanctions. “The agencies seek this information to enhance their understanding of bank practices in these areas and determine whether additional explanation or clarification may increase transparency, effectiveness, or efficiency,” said the notice, which was issued by the OCC, the Federal Reserve board of governors, the Federal Deposit Insurance Corporation, the National Credit Union Administration and the Financial Crimes Enforcement Network. Comments are due June 11.