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Operational Risk: Increased Regulatory Focus on BSA/AML Compliance and Third Party Relationships  


Author:  Ralph  Sharpe.; Meredith  Boylan.


Source: Volume 25, Number 06, July/August 2012 , pp.41-49(9)




Journal of Taxation and Regulation of Financial Institutions

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Abstract: 

With the banking industry on the road to recovery, federal regulators have stated that they intend to increase their focus on banks’ “operational risk.” Two areas that have received scrutiny are Bank Secrecy Act/Anti-Money Laundering compliance and the oversight of third-party relationships. This article examines the written guidance provided by regulators on these topics, and highlights the lessons that can be learned from recent enforcement actions.

Keywords: Bank Secrecy Act; Anti-Money Laundering compliance; third party relationships; bank enforcement actions; operational risk

Affiliations:  1: Venable LLP; 2: Venable LLP.

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