On July 22, 2019, U.S. Treasury’s Financial Crimes Enforcement Network (FinCEN), the Federal Reserve, Federal Deposit Insurance Corporation, Office of the Comptroller of the Currency and National Credit Union Administration issued a joint statement with the intent to clarify how examinations related to the Bank Secrecy Act are specifically tailored for each bank’s individual risk profile. According to the agencies, “This statement is intended to improve transparency into the risk-focused approach used for planning and performing BSA/AML examinations and does not establish new requirements.”