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March 20, 2013

Richmond Fed's Anti-Money Laundering Work Recognized

Richmond, Va.

A professional organization formed with the support of the Federal Reserve Bank of Richmond has won a national award for its work addressing money laundering and other financial crimes.

The BSA Coalition received the Private-Public Sector Service Award from the Association of Certified Anti-Money Laundering Specialists on March 19 at its AML & Financial Crime Conference. The BSA Coalition was cited for "tremendous partnership efforts" bringing together bankers, regulators and law enforcement officials to address issues related to the Bank Secrecy Act and money laundering.

John J. Byrne, executive vice president of ACAMS, described the BSA Coalition as "an exemplary organization, demonstrating the need for a transparent collaboration between the private and public sectors" and “a model to which other collaborative groups should aspire.”

"What the organization has achieved shows that, when working in tandem, all of us can be better in our own careers in compliance," Byrne said.

The award was presented to Elaine Yancey, a managing examiner with the Richmond Fed who serves as advisor to the BSA Coalition, and Donna Kitchen, a senior vice president of Hampton Roads Bankshares in Virginia Beach, Va., who is the organization's sponsor.

The Richmond Fed has supported the work of the BSA Coalition since it was established in 2009 and has been host of the organization's annual training conference.

As part of our nation’s central bank, the Richmond Fed is one of 12 regional Reserve Banks working together with the Board of Governors to support a healthy economy and deliver on our mission to foster economic stability and strength. We connect with community and business leaders across the Fifth Federal Reserve District — including the Carolinas, District of Columbia, Maryland, Virginia, and most of West Virginia — to monitor economic conditions, address issues facing our communities, and share this information with monetary and financial policymakers. We also work with banks to ensure they are operating safely and soundly, supply financial institutions with currency that’s fit for distribution, and provide a safe and efficient way to transfer funds through our nation’s payments system.


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