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.
The Richmond Fed serves the Fifth Federal Reserve District, which includes the District of Columbia, Maryland, North Carolina, South Carolina, Virginia and most of West Virginia. As part of the nation's central bank, we're one of 12 regional Reserve Banks that work together with the Federal Reserve's Board of Governors to strengthen the economy and our communities. We manage the nation's money supply to keep inflation low and help the economy grow. We also supervise and regulate financial institutions to help safeguard our nation's financial system and protect the integrity and efficiency of our payments system.