The Federal Deposit Insurance Corporation (FDIC), alongside the Office of the Comptroller of the Currency (OCC) and the National Credit Union Administration (NCUA), has issued a proposed rule seeking public comment on revisions to the agencies’ anti-money laundering and countering the financing of terrorism (AML/CFT) program requirements for supervised institutions. The proposal is intended to implement aspects of the Anti-Money Laundering Act of 2020 and align the agencies’ program rules with changes concurrently proposed by the Financial Crimes Enforcement Network (FinCEN) under the Bank Secrecy Act. The proposed framework would require banks and credit unions to establish and maintain an effective, risk-based AML/CFT program designed to identify, assess, and mitigate illicit finance risks, including via risk assessment processes that evaluate products, services, distribution channels, customers, and geographic locations, review and appropriately incorporate government-wide AML/CFT priorities, and update promptly when risks significantly change. It would explicitly incorporate ongoing customer due diligence, require independent testing and ongoing training, and mandate that the designated AML/CFT officer responsible for establishing and implementing the program be located in the United States and accessible to regulators; the written program would need approval by the board, an equivalent governing body, or appropriate senior management. The proposal also distinguishes between establishing a program and maintaining it through implementation “in all material respects,” and would limit “AML/CFT enforcement actions” and “significant AML/CFT supervisory actions” based solely on implementation deficiencies to cases involving significant or systemic failures. To enhance FinCEN’s role, the proposal would require the agencies to consult FinCEN before initiating covered enforcement or significant supervisory actions, including providing written notice at least 30 days in advance (subject to an exception for shorter timeframes where needed). It would also clarify that institutions may share information with FinCEN relating to such actions, with two alternative approaches proposed for handling non-public supervisory information and preserving applicable privileges. Comments are due 60 days after publication in the Federal Register, and the agencies propose an effective date 12 months after issuance of a final rule.
Federal Deposit Insurance Corporation 2026-04-07
United States' Federal Deposit Insurance Corporation joins the Office of the Comptroller of the Currency and the National Credit Union Administration in consulting on risk-based AML/CFT program rules and FinCEN consultation
The Federal Deposit Insurance Corporation, Office of the Comptroller of the Currency, and National Credit Union Administration have proposed revisions to anti-money laundering and countering the financing of terrorism program requirements to implement aspects of the Anti-Money Laundering Act of 2020 and align with proposed Financial Crimes Enforcement Network rules under the Bank Secrecy Act. The framework would require risk-based AML/CFT programs with explicit risk assessments, ongoing customer due diligence, independent testing, training, and a U.S.-based AML/CFT officer. The proposal would also require consultation with the Financial Crimes Enforcement Network before covered enforcement or significant supervisory actions and clarify information-sharing arrangements with the Financial Crimes Enforcement Network.