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Monday, June 12, 2006
Banks should check risk controls, Bies says
Managers of U.S. banks should evaluate their policies at least once a year for controlling risk of financial losses or illegal activities, Federal Reserve Gov. In remarks prepared for delivery to a financial group, Bies also said banks should guard against information-security breaches by controlling access to fund-transfer systems. By law, banks must file reports about suspicious activity, to combat money laundering and other terrorist tools. “Effective management of information security risk, even when focused on a specific function, requires an enterprise-wide approach to yield a true and complete evaluation of the associated risks,” she said in a speech before the Financial Women’s Association.
“The Federal Reserve will continue to work with our counterparts in the federal government to encourage enhanced feedback on how reporting is contributing to our common fight against money laundering and terrorism,” Bies said.