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Daniel P. Stipano quoted in PaymentsCompliance article, “U.S. federal agencies approve sharing of Bank Secrecy Act resources”

PaymentsCompliance

Daniel P. Stipano

Daniel P. Stipano was quoted on October 12, 2018 in a PaymentsCompliance article, “U.S. federal agencies approve sharing of Bank Secrecy Act resources,” which discussed the decision by five federal agencies to allow credit unions and community banks to share resources to improve BSA/AML compliance. The article stated, “A joint statement described several situations where collaboration might be beneficial for financial institutions, such as conducting internal control functions, independent testing, and BSA and AML training. The agencies warned that ‘ultimately, each bank is responsible for ensuring compliance with BSA requirements’ and that ‘sharing resources in no way relieves a bank of this responsibility.’”

Stipano noted, “For smaller banks, try as you may, you just can’t staff up the BSA and AML functions and you may have one or two people wearing multiple hats, so what the regulators said is that for smaller institutions you can share resources. He added, “It does raise some interesting issues about sharing proprietary information and suspicious activity reports (SARs). Things like that have to be managed, but I think the regulators all recognized that this staffing issue in certain areas with smaller banks is a problem. I think this is an attempt to address that.”

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