Should you share your BSA and AML resources? Compliance Federal regulators have offered guidance for banks interested in sharing resources to more effectively manage Bank Secrecy Act and anti-money laundering requirements. By Mary Thorson Wright he eternal challenge for community banks has been, and continues to be, how to do more-and more-to comply with Bank Secrecy Act (BSA) and anti-money laundering (AML) requirements with fewer employees and less money than larger banks. Good news: Community banks may be able to share resources to T reduce costs, increase operational efficiency and leverage specialized expertise. However, they should do so with care. In October 2018, the federal financial regulatory agencies published the Interagency Statement on Sharing Bank Secrecy Act Resources to offer options to share resources to manage BSA and AML obligations more efficiently and effectively. The collaborative arrangements covered in the statement generally are most suitable for banks with a community focus, less complex operations and lower risk profiles for money laundering or terrorist financing. " Reading between the lines, it appears clear independentbanker.org Q 19 Quick stat 35% of AML specialists cited " resource allocation " as their greatest challenge Source: 2018 ACAMS pollhttp://www.independentbanker.org