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Federal banking regulators, including the NCUA, today published a request for information (RFI) to see if the principles included in interagency supervisory guidance on model risk management (MRMG) effectively support compliance with Bank Secrecy Act (BSA)/anti-money laundering (AML) requirements.

In a statement detailing the RFI, the regulators highlighted that MRMG principles can be used by credit unions and banks in developing, implementing, and updating their risk management processes. The agencies are working to enhance their understanding of financial institution practices and determine whether additional explanation or clarification may increase transparency, effectiveness, or efficiency.

The agencies are interested in knowing what types of systems credit unions employ for transaction monitoring and customer risk ratings, additional procedures credit unions have beyond BSA/AML and Office of Foreign Asset Control (OFAC) requirements, among other questions.

The RFI will be open for a 60-day comment period. NAFCU will review the RFI and collect member credit unions' feedback to provide the agencies.