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Daniel P. Stipano quoted in ACAMS article, “More banks qualify for 18-month AML exam cycle under new rules”

ACAMS

Daniel P. Stipano

Daniel P. Stipano quoted in ACAMS article, “More banks qualify for 18-month AML exam cycle under new rules,” which detailed how hundreds of U.S. financial institutions will undergo on-site examinations of their anti-money laundering and Bank Secrecy Act compliance programs less frequently under a new federal policy. The article stated, “Until now, only U.S. lenders holding under $1 billion qualified for an 18-month rather than 12-month examination cycle, but final rules published Thursday by the Federal Reserve, Federal Deposit Insurance Corp. and Office of the Comptroller of the Currency, or OCC, raise the threshold to $3 billion. The change will spare an additional 420 banks and savings associations from annual federal audits, raising the total number of financial institutions eligible for 18-month examinations to almost 4,800. The policy affects 33 U.S. branches and agencies of foreign banks.”

Stipano noted: “There is nothing to stop the regulators from conducting more frequent exams in situations that call for it. For other banks, this will provide meaningful regulatory relief because of the cost and burden associated with complying with requests from the examiners.”

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