Board of Governors of the Federal Reserve System
The Board of Governors of the Federal Reserve System (FRB) conducts a Bank Secrecy Act (BSA) and Office of Foreign Assets Control (OFAC) compliance program review as part of its regular safety-and-soundness examination. These examinations are an important component in the United States’ efforts to detect and deter money laundering and terrorist financing. The FRB monitors its supervised financial institutions’ conduct, including domestic supervised organizations, for BSA and OFAC compliance.
Internationally, during 2015, the FRB conducted training and provided technical assistance to banking supervisors in AML/CFT tactics during two seminars; one in Washington, D.C. and one in the British Virgin Islands. Countries participating in these FRB initiatives were Aruba, Bahamas, Bermuda, Barbados, British Virgin Islands, Curacao, Haiti, Hong Kong, India, Jamaica, Jordan, Lebanon, Malawi, Malta, Malaysia, Nigeria, Philippines, Seychelles, St. Kitts, Sint Maarten, Suriname, Trinidad and Tobago, and Turks & Caicos Islands.
Due to the importance that the FRB places on international standards, the FRB’s AML experts participate regularly in the U.S. delegation to the FATF and the Basel Committee’s AML/CFT expert group. The FRB is also an active participant in the U.S. Treasury Department’s ongoing Private Sector Dialogue conferences. Staff also meets frequently with industry groups and foreign supervisors to communicate U.S. supervisory expectations and support industry best practices in this area.