Federal Reserve proposes new requirements for bank anti-money laundering programs
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Table of Contents
The Federal Reserve is proposing a rule that would require banks under its supervision to update their anti-money laundering (AML) and countering the financing of terrorism (CFT) programs.
Why it matters: This is largely an administrative update intended to synchronize different banking regulators’ rules so that banks face consistent standards across the industry.
Who it affects
- Banks supervised by the Federal Reserve
This is a proposed rule from the Federal Reserve; readers should consult the Federal Register for the full text before relying on these requirements.
Agency: Federal Reserve System
Source: Federal Register — read the official document