The Federal Deposit Insurance Corporation, Office of the Comptroller of the Currency, and National Credit Union Administration announced on Apr. 7 that they are requesting public comment on a proposed rule to update anti-money laundering and countering the financing of terrorism requirements for institutions under their supervision.
This proposal aims to help financial institutions better identify, assess, and address risks related to illicit finance. The changes are intended to align with updates also being considered by the U.S. Department of the Treasury’s Financial Crimes Enforcement Network.
The agencies said that these amendments would revise current regulations in line with broader updates made to the Bank Secrecy Act by Congress in 2020 through the Anti-Money Laundering Act. That law directed regulators to modernize rules so that financial institutions, law enforcement, and national security agencies can achieve more effective outcomes.
If finalized, each agency’s regulations would be updated for consistency with FinCEN’s compliance program requirements. The agencies stated that this is part of an effort to strengthen coordination across different parts of government responsible for fighting money laundering and terrorist financing.
Comments on the proposed rule will be accepted for 60 days after it is published in the Federal Register.
