The Board, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency, in consultation with the U.S. Department of the Treasury’s Financial Crimes Enforcement Network and the National Credit Union Administration, issued on April 9, 2021, Interagency Statement on Model Risk Management for Bank Systems Supporting Bank Secrecy Act/Anti-Money Laundering Compliance to address industry questions on model risk management. The statement explains how the risk-management principles described in the agencies’ “Supervisory Guidance on Model Risk Management” (or MRMG) relate to systems or models used by banks to assist in complying with Bank Secrecy Act/Anti-Money Laundering (BSA/AML) requirements. More... It also clarifies how the MRMG may be a useful resource to guide a bank’s model risk-management framework, whether formal or informal, and assist with BSA/AML compliance (Department of the Treasury, Financial Crimes Enforcement Network at 3-1878).