Regulatory Alerts2024-08-09 | 2024-16546Added · Updated
Anti-Money Laundering and Countering the Financing of Terrorism Program Requirements
The OCC, Federal Reserve, FDIC, and NCUA propose amendments to align their supervised banks' BSA compliance program rules with concurrent FinCEN changes mandated by the Anti-Money Laundering Act of 2020. The proposed rule incorporates a risk assessment process requiring consideration of FinCEN's national AML/CFT priorities and adds customer due diligence requirements to reflect prior regulatory updates. These changes aim to codify longstanding supervisory expectations and ensure consistent regulatory standards across federal banking agencies.