Regulatory Alerts2024-08-09 | 2024-16546Anti-Money Laundering and Countering the Financing of Terrorism Program Requirements
The Office of the Comptroller of the Currency, Federal Reserve Board, FDIC, and NCUA propose amendments to Bank Secrecy Act compliance program rules requiring supervised banks to establish risk-based Anti-Money Laundering and Countering the Financing of Terrorism programs. The proposed rule integrates a formal risk assessment process that incorporates FinCEN’s national priorities, adds customer due diligence requirements, and codifies longstanding supervisory expectations. By harmonizing agency standards with concurrent Financial Crimes Enforcement Network regulations, the amendments reduce compliance burdens while ensuring consistent regulatory oversight.
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