Regulatory Alerts2026-04-07 | PDF OnlyAdded
Proposed Rule to Fundamentally Reform Financial Institution AML/CFT Programs
The U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) proposes to reform anti-money laundering and countering the financing of terrorism program requirements by distinguishing between program design deficiencies and implementation failures. The rule requires financial institutions to incorporate government-wide AML/CFT Priorities into risk assessments, designate a U.S.-based compliance officer, and standardize training and independent testing expectations. It introduces a notice and consultation framework requiring Federal banking supervisors to provide FinCEN’s Director with at least 30 days’ advance written notice before initiating significant supervisory actions. Public comments on the proposed rule must be received by June 9, 2026.