Regulatory Alerts2024-07-22 | SR 24-4SR 24-4: Interagency Statement on the Issuance of the AML/CFT Program Notices of Proposed Rulemaking
The Board of Governors of the Federal Reserve System, the FDIC, the NCUA, the OCC, and FinCEN issued an interagency statement concurrently with Notices of Proposed Rulemaking to amend AML/CFT program requirements. This statement clarifies that the proposed amendments are designed to codify existing practices, foster risk-based programs, and modernize the regulatory regime without altering current legal obligations or establishing new supervisory expectations. Reserve Banks are directed to distribute the letter to supervised banking organizations, which may submit questions via the Board’s public website.
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