Fed requests comment on changes to AML program rules

The Federal Reserve requests public comments on a proposal to amend its requirements for banks to maintain anti-money laundering programs. The amendments are intended to align with changes to anti-money laundering program requirements proposed separately by four other agencies.

Among other changes, the proposal would require banks to allocate anti-money laundering resources based on risk, with greater attention to higher-risk customers and activities. The proposed amendments would also require banks to incorporate the Financial Crimes Enforcement Network’s anti-money laundering priorities into their risk assessment processes. Under the proposal, once a bank has established an anti-money laundering program, the Federal Reserve would focus supervision and enforcement on significant failures to implement the program.

Comments on the proposal are due 60 days after publication in the Federal Register.