Four federal financial institution regulatory agencies have requested public comment on a proposal to update requirements for supervised institutions to establish, implement, and maintain effective anti-money laundering and countering the financing of terrorism (AML/CFT) programs. These amendments aim to align with changes proposed by the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN), stemming from the Anti-Money Laundering Act of 2020 (AML Act).
The proposed amendments would require supervised institutions to identify, evaluate, and document risks related to money laundering, terrorist financing, and other illicit finance activities. Institutions would also need to consider FinCEN’s national AML/CFT priorities where appropriate. Consistent with the AML Act, the proposal mandates that responsibility for establishing, maintaining, and enforcing AML/CFT programs remain with individuals in the United States who are accessible to and subject to oversight by relevant agencies. The proposal encourages innovative approaches for compliance.
Comments on the proposal are due 60 days after its publication in the Federal Register.
For further information:
- Interagency Statement on the Issuance of the AML/CFT Program Notices of Proposed Rulemaking
- Notice of Proposed Rulemaking (PDF)
Media Contacts:
- FDIC: Julianne Fisher Breitbeil - 202.898.6993
- FRB: Matthew Gonzalez - 202.452.2955
- NCUA: Joseph Adamoli - 703.518.6572
- OCC: Stephanie Collins - 202.649.6870
The National Credit Union Administration (NCUA) is an independent federal agency created by Congress to regulate, charter, and supervise federal credit unions. It manages the National Credit Union Share Insurance Fund, insuring deposits for over 135 million account holders in federal credit unions and most state-chartered credit unions.
For media inquiries:
Joe Adamoli
JAdamoli@ncua.gov
703.518.6572
