Law360, New York ( April 10, 2013, 11:40 AM EDT) -- Since the start of the 2008 financial crisis, the federal banking agencies (FBAs) have keenly focused on balance sheet issues, on both an institutional and systemic basis. As a consequence, supervisory attention directed at compliance areas such as enforcement of the Bank Secrecy Act (BSA), anti-money laundering (AML) laws, and regulations governing economic and trade sanctions issued by the Office of Foreign Assets Control (OFAC) has not been as prominent. About a year ago, this trend came to an abrupt halt and, since then, we have seen a number of high-profile supervisory and enforcement actions involving BSA/AML compliance issues, and several notable OFAC-related compliance actions....
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