Four federal banking regulators have joined the Treasury Department’s Financial Crimes Enforcement Network (FinCEN) in issuing a notice of proposed rulemaking that would require financial institutions to conduct more thorough risk assessments on their anti-money laundering/countering the financing of terrorism (AML/CFT) programs.
The Federal Reserve Board of Governors (the Fed), the Federal Deposit Insurance Corporation (FDIC), the National Credit Union Administration (NCUA), and the Treasury’s Office of the Comptroller of the Currency (OCC) issued a joint statement Friday with FinCEN, requesting public comment on the proposed rule.
