U.S. Treasury Releases Joint Fact Sheet On Anti-Money Laundering And Sanctions

Remarks By U.S. Treasury Acting Under Secretary Adam Szubin At The ABA/ABA Money Laundering Enforcement Conference
Remarks By U.S. Treasury Acting Under Secretary Adam Szubin At The ABA/ABA Money Laundering Enforcement Conference

Today, the U.S. Department of the Treasury released a Joint Fact Sheet on Foreign Correspondent Banking developed with the Federal Reserve Board, the Federal Deposit Insurance Corporation, the National Credit Union Administration, and the Office of the Comptroller of the Currency that outlines supervisory and enforcement processes with respect to anti-money laundering and sanctions in the area of correspondent banking.

The Fact Sheet, available on the Treasury website, describes the expectations of U.S. regulators, the supervisory examination process, and the use of enforcement actions.

Correspondent banking relationships help improve livelihoods and foster global economic growth by enabling banks to facilitate international trade, conduct cross-border business and charitable activities, and provide U.S. dollar financing.  The U.S. financial system is a critical part of the global economy, and the U.S. government believes that expanding access to that system and protecting it from illicit activity are mutually reinforcing goals that can and must be addressed simultaneously.

Today, the U.S. Department of the Treasury also published a blog on the Joint Fact Sheet on Foreign Correspondent Banking written by Under Secretary for International Affairs Nathan Sheets, Acting Under Secretary for Terrorism and Financial Intelligence Adam Szubin, and Acting Assistant Secretary for Financial Institutions Amias Gerety.

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