Joint Fact Sheet on Foreign Correspondent Banking

The Board of Governors of the Federal Reserve System, Federal Deposit Insurance Corporation, National Credit Union Administration, Office of the Comptroller of the Currency, and U.S. Department of the Treasury issued a Joint Fact Sheet.

The goal of BSA compliance programs and OFAC sanctions programs is to ensure a well functioning, transparent, resilient, and safe and sound financial system. While the Treasury and the FBAs do not utilize a zero-tolerance philosophy that mandates the strict imposition of formal enforcement action regardless of the facts and circumstances of the situation, Treasury and the FBAs take the threats posed by criminals, money-launderers, and terrorist financiers very seriously, and continue to use their authorities—in a proportionate and appropriate manner—to safeguard our financial system against abuse.

For additional information about becoming a member of the MSBA, and joining our outreach efforts, email: info@msbassociation.org.