FDIC Advisory Committee on 

Community Banking 

July 22, 2021 

Supervision Update 
FDIC Advisory Committee on 

Community Banking 

July 22, 2021 

Cybersecurity 
FDIC 

Cybersecurity Threats 

• Ransomware 

• Supply chain compromise 

• Account takeover 

• Business email compromise 

• Sensitive data theft and sale 

• Hosted website compromise 

• Positioning, navigation, and timing vulnerability exploitation 

• Energy or communication disruption 

• Encryption breaking - quantum 

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FDIC 

 

 

 

 

Cybersecurity Controls 

There are longstanding effective controls, and new controls to consider every 

day, both at the basic “cyber hygiene” level, and beyond. 

• Multi-factor authentication 

• Strong spam filters to prevent phishing emails from reaching end users 

• User training on how to spot phishing emails 

• Network traffic filters 

• Software updating (patching) 

• Limits on resource access, especially through expanded remote work 

technology recently implemented 

• Regular antivirus/antimalware scans 

• Implementation of unauthorized execution prevention 

Source: 5/11/2021 Joint CISA-FBI Cybersecurity Advisory on DarkSide Ransomware 

4 highlighted by FDICconnect email to all banks 
FDIC 

Continuous Cybersecurity Improvement 

What has been most significant to you in leading your bank to

continuously improve? 

• Internal audit findings 

• Threat-led penetration testing 

• Cybersecurity maturity assessments 

• New cybersecurity control availability on the market 

• Business continuity testing/exercises 

• Incidents 

• Other 

What has been the most significant impediment to continuous

improvement? 

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FDIC Advisory Committee on 

Community Banking 

July 22, 2021 

The Anti-Money Laundering Act of 2020 
FDIC 

 

AML Act § 6101: Anti-Money Laundering/Countering the 

Financing of Terrorism (AML/CFT) Priorities 

The AML/CFT Priorities were issued by the Financial Crimes 

Enforcement Network (FinCEN) on June 30, 2021, and include: 

• Corruption 

• Cybercrime 

• Terrorist Financing 

• Fraud 

• Transnational Criminal Organizations 

• Drug Trafficking Organizations 

• Human Trafficking and Smuggling 

• Proliferation Financing 

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FDIC 

 

 

 

 

 

AML Act § 6101 – Rulemaking 

• FinCEN will amend the AML Compliance Program Rule 

o Incorporating the AML/CFT Priorities and other updates 

o Planning to issue a rulemaking for notice and comment

soon, as the AML Act requires a final rule 180 days after 

the issuance of the AML/CFT Priorities 

• The FDIC plans to amend the Bank Secrecy Act (BSA)

Compliance Program Rule 

o Conforming changes to FinCEN’s AML Compliance 

Program Rule 

o Ensuring consistency in the requirements 

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FDIC 

 

 

 

 

Corporate Transparency Act § 6403 

Beneficial Ownership Requirements 

• Reporting companies will be required to report beneficial 

ownership information to FinCEN. 

• FinCEN will issue regulations implementing the beneficial 

ownership information reporting requirements by 1/1/22. 

• FinCEN’s customer due diligence (CDD) requirements will 

be revised within one year of the effective date of the 

reporting requirements. 

• Banks are still required to identify and verify beneficial 

owners of legal entity customers until the CDD regulation is 

amended. 

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FDIC 

 

 

 

 

 

 

 

AML Act §6216 – Review of Regulations and Guidance 

Formal review of the regulations implementing the BSA and 

related guidance to: 

• ensure regulations and guidance continue to 

o protect the financial system from threats; 

o require certain reports or records that are highly 

useful in countering financial crime; and 

• identify regulations and guidance that may be outdated, 

redundant, or otherwise do not promote a risk-based 

AML/CFT regime, or do not conform with international 

standards. 

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