Federal Register #R-1835

Federal Reserve Proposed Rule: Enhanced AML/CFT Programs for Supervised Banks

This opportunity involves 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 banks under its supervision to implement and maintain effective anti-money laundering (AML) and counter-terrorism financing (CFT) programs - The rule is intended to align with similar proposals from FinCEN, OCC, FDIC, and NCUA - Key requirements for banks include: - Establishing risk-based internal policies, procedures, and controls - Conducting ongoing customer due diligence - Maintaining written AML/CFT programs that are accessible and approved by senior management - The goal is to enhance compliance with the Bank Secrecy Act (BSA) and provide valuable information to law enforcement and national security agencies - No specific OEMs, vendors, or product/service procurements are involved, as this is a regulatory policy proposal, not a purchase request

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 are invited until September 8, 2026.

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