Issuance of the Anti-Money Laundering/Countering the Financing of Terrorism Program Requirements Notice of Proposed Rulemaking and Interagency Statement

Summary:

On June 20, 2024, the FDIC Board of Directors approved a joint Notice of Proposed Rulemaking (NPR) and request for comment for the Anti-Money Laundering/Countering the Financing of Terrorism (AML/CFT) Program Requirements.  In addition to the joint NPR, the Federal Deposit Insurance Corporation, the Board of Governors of the Federal Reserve System, the National Credit Union Administration, the Office of the Comptroller of the Currency (collectively, the Agencies), and the Financial Crimes Enforcement Network (FinCEN) are issuing an interagency statement on the issuance of the AML/CFT Program NPR. 

Interagency Statement on the Issuance of the AML/CFT Program Requirements 

Statement of Applicability: The contents of, and material referenced in, this FIL apply to all FDIC-supervised financial institutions.

Highlights:

• The Agencies are inviting comment on a proposed rule that would amend requirements each Agency has issued for its supervised banks (currently referred to as Bank Secrecy Act (BSA) compliance programs) to establish, implement, and maintain effective, risk-based, and reasonably designed AML/CFT programs. 
• The amendments are intended to align with changes concurrently proposed by FinCEN, which primarily result from requirements in the Anti-Money Laundering Act of 2020 (AML Act). 
• Proposed rule amendments incorporate a risk assessment process that requires, among other things, consideration of the national AML/CFT Priorities published by FinCEN, and add Customer Due Diligence requirements, which are currently part of FinCEN’s rule for banks. 
• Other proposed changes codify longstanding supervisory expectations and conform to AML Act requirements. 
• This AML/CFT Program NPR will be published in the Federal Register in the coming days and will be open for public comment for 60 days.  Comments received will be posted on the FDIC website.
• FinCEN and the Agencies also are issuing the attached interagency statement to highlight how the proposed amendments are intended to complement and build upon current and anticipated AML Act implementation efforts as well as to continue to foster the risk-based nature of AML/CFT programs.   
• This statement is also not intended to signal any particular outcome or emphasis in the final rule.