Fed Proposes Overhaul of Bank Anti-Money Laundering Rules
- The Federal Reserve Board on Tuesday requested public comment on a proposal to modernize AML/CFT program requirements for banks, aiming to align with FinCEN and other regulators.
- Key changes include requiring a risk-based approach that concentrates resources on higher-risk customers, and refocusing supervisory attention on 'significant or systemic' compliance failures rather than isolated or technical issues, per Bloomberg.
- The proposal is the most significant bank-compliance rule update in years and could reshape how large U.S. lenders staff and structure their financial-crimes operations.