Federal Reserve Board – Federal Reserve Board requests comment on a proposal to amend its requirements for banks to maintain anti-money laundering programs

The Federal Reserve Board on Tuesday sought 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 focus their anti-money laundering resources based on risk, with more focus on 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 supervisory and enforcement activities on significant failures to implement the program.

Comments on the proposal must be submitted 60 days after publication in the Federal Register.

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