Anti-Money Laundering and Countering the Financing of Terrorism Programs

The Federal Reserve has proposed new anti-money laundering and counter-terrorism financing requirements for supervised banks. The proposed rule would require banks to establish programs designed to identify, assess, and mitigate risks of illicit finance and provide useful information to law enforcement and national security agencies. According to the Federal Register, the proposal aligns with the twenty twenty Anti-Money Laundering Act and similar updates being proposed by other banking regulators. The Federal Reserve Board is inviting public comment.

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