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Fed seeks comment on changes to banks' anti-money laundering rules
The proposal would shift the Federal Reserve's focus toward banks' risk-based implementation and significant failures, with comments due 60 days after publication.
The Federal Reserve Board has requested public comment on a proposal that would amend how banks are required to maintain anti-money laundering programs.
According to the Fed, the changes are intended to align its requirements with revisions separately proposed by four other agencies.
A key element of the proposal would require banks to direct their anti-money laundering resources based on risk, including more attention to higher-risk customers and activities.
The Fed also said it would incorporate the Financial Crimes Enforcement Network's anti-money laundering priorities into banks' risk assessment processes, and that its supervision and enforcement would focus on significant failures to implement the programs, with comments due 60 days after publication in the Federal Register.