Federal Register #R1835

Federal Reserve Proposed Rule for AML/CFT Programs in Supervised Banks

This opportunity concerns a proposed regulatory rulemaking by the Board of Governors of the Federal Reserve System: - The Federal Reserve seeks public comment on a rule requiring all supervised banks to implement effective anti-money laundering (AML) and countering the financing of terrorism (CFT) programs - The rule mandates risk-based internal policies, procedures, and controls - Includes requirements for ongoing employee training, customer identification programs, and risk assessment processes - The proposal aims to align Federal Reserve requirements with those of FinCEN, OCC, FDIC, and NCUA - No specific OEMs, vendors, products, or services are mentioned, as this is not a procurement for goods or services - The focus is on regulatory alignment and modernization of AML/CFT compliance standards across federal banking agencies

Description

The Board of Governors of the Federal Reserve System is proposing a rule requiring its supervised banks to establish and maintain effective anti-money laundering and countering the financing of terrorism (AML/CFT) programs. These programs must be reasonably designed to identify, assess, and mitigate risks of illicit finance. The proposed rule aims to align with changes proposed by the Financial Crimes Enforcement Network and other federal agencies to better achieve the purposes of the Bank Secrecy Act. Comments on the proposed rule must be submitted by September 8, 2026.

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