RegStream

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

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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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