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Daniel P. Stipano quoted in SNL article, “Terminated Washington Federal deal shows BSA still top priority for regulators”


Daniel P. Stipano

Daniel P. Stipano was quoted on July 19, 2018 in an SNL article, “Terminated Washington Federal deal shows BSA still top priority for regulators,” which discussed the continued focus on anti-money laundering compliance following Anchor Bancorp’s terminated deal with Washington Federal Inc. The article stated, “Despite a more relaxed regulatory environment, supervisory expectations for anti-money laundering compliance have not diminished.  The deal termination and Washington Federal's long, expensive path to compliance underscore how BSA/AML remains a top priority for regulators despite a broader deregulatory environment. Republicans have successfully pushed regulatory reform efforts, including passing a law that, among other things, raises the threshold for determining systemically important financial institutions. But BSA/AML is proving to be an exception, and Washington Federal is not the only affected institution.”

Stipano added, “I think that BSA/AML continues to be a top priority for regulators. One reason for that is that unlike other compliance areas, BSA/AML is closely intertwined with counter-terrorism and law enforcement efforts, and that's a top priority for this administration.”