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OCC Bulletin 2021-19
April 12, 2021
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Chief Executive Officers, BSA Officers, and Compliance Officers of National Banks, Federal Savings Associations, and Federal Branches and Agencies; Department and Division Heads; All Examining Personnel; and Other Interested Parties
The Office of the Comptroller of the Currency (OCC), the Board of Governors of the Federal Reserve System, and the Federal Deposit Insurance Corporation, in consultation with the Financial Crimes Enforcement Network and the National Credit Union Administration (collectively, the agencies), today published a statement regarding industry questions on model risk management. The statement addresses how the risk management principles described in the “Supervisory Guidance on Model Risk Management” (referred to as the model risk management guidance, or MRMG) 1 relate to systems or models used by banks 2 to assist in complying with the requirements of Bank Secrecy Act/anti-money laundering (BSA/AML) laws and regulations.
On April 12, 2021, the agencies published in the Federal Register a request for information seeking comments from interested parties on the extent to which the principles discussed in the MRMG support banks’ compliance with BSA/AML and Office of Foreign Assets Control (OFAC) requirements. The comment period closes on June 11, 2021.
The interagency statement and request for information apply to all OCC-supervised banks.
The interagency statement
The request for information
Please contact James Vivenzio, Director for BSA/AML Policy, at (202) 649-5470.
Grovetta N. Gardineer
Senior Deputy Comptroller for Bank Supervision Policy
1 Refer to OCC Bulletin 2011-12, “Sound Practices for Model Risk Management: Supervisory Guidance on Model Risk Management.”
2 “Banks” refers collectively to national banks, federal savings associations, covered savings associations, and federal branches and agencies of foreign banking organizations.