Joint Press Release: Agencies Request Comment on Anti-Money Laundering/Countering the Financing of Terrorism Proposed Rule
JOINT PRESS RELEASE | JULY 19, 2024
Federal Deposit
Insurance CorporationFederal Reserve BoardNational Credit Union
AdministrationOffice of the Comptroller of the Currency_______________
_________________________________________________
Agencies
Request Comment on Anti-Money Laundering/Countering the Financing of
Terrorism Proposed Rule
Four federal financial institution
regulatory agencies today requested comment on a proposal to update
their requirements for supervised institutions to establish,
implement, and maintain effective, risk-based, and reasonably designed
anti-money laundering and countering the financing of terrorism
(AML/CFT) programs. The amendments are intended to align with changes
concurrently proposed by the U.S. Department of the Treasury’s
Financial Crimes Enforcement Network (FinCEN), most of which result
from the Anti-Money Laundering Act of 2020 (AML Act).
The
proposed amendments would require supervised institutions to identify,
evaluate, and document the regulated institution’s money laundering,
terrorist financing, and other illicit finance activity risks, as well
as consider, as appropriate, FinCEN’s published national AML/CFT
priorities. Additionally, and consistent with the AML Act, the
proposal would mandate that the duty to establish, maintain, and
enforce the AML/CFT program remain the responsibility of, and be
performed by, persons in the United States who are accessible to, and
subject to the oversight and supervision by, the relevant agency. The
proposal also supports institutions’ consideration of innovative
approaches to meet compliance obligations.
Comments on the
proposal are due 60 days after the date of publication in the Federal
Register.
ATTACHMENT:
Interagency Statement on the
Issuance of the AML/CFT Program Notices of Proposed
Rulemaking
Anti-Money Laundering and Countering the Financing
of Terrorism Program Requirements Notice of Proposed
Rulemaking
###
MEDIA
CONTACTS:
FDIC
Julianne Fisher Breitbeil
(202)
340-2043
Federal Reserve Board
Matthew
Gonzalez
(202) 452-2955
NCUA
Joe
Adamoli
(703) 518-6572
OCC
Stephanie
Collins
(202) 649-6870
FDIC: PR-58-2024
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