The Federal Deposit Insurance Corporation, Office of the Comptroller of the Currency and National Credit Union Administration have invited public comment on a proposed rule that would amend AML/CFT program requirements for the institutions they supervise, aiming to align their rules with a concurrently proposed U.S. Department of the Treasury Financial Crimes Enforcement Network update to the Bank Secrecy Act framework. The proposal would embed the Anti-Money Laundering Act of 2020 risk-based approach by expecting institutions to focus proportionately more resources on higher-risk customers and activities. It would also describe baseline AML/CFT program elements, explicitly incorporate FinCEN’s existing customer due diligence requirement, and require the designated AML/CFT officer to be located in the U.S. and accessible to regulators. Once properly established, institutions would be required to maintain the program “in all material respects,” and only significant or systemic implementation failures would trigger an “AML/CFT enforcement action” or a “significant AML/CFT supervisory action.” A new consultation framework would expand FinCEN’s role in certain supervisory and enforcement actions, and the rule would clarify that institutions may share with FinCEN any information related to certain AML/CFT supervisory and enforcement actions. Comments are due 60 days after publication in the Federal Register.
National Credit Union Administration 2026-04-07
Federal Deposit Insurance Corporation, Office of the Comptroller of the Currency and United States National Credit Union Administration propose risk-based AML/CFT program rule aligned with FinCEN
The Federal Deposit Insurance Corporation, Office of the Comptroller of the Currency and National Credit Union Administration have proposed amendments to anti-money laundering and countering the financing of terrorism program requirements to align with the U.S. Department of the Treasury Financial Crimes Enforcement Network’s proposed update to the Bank Secrecy Act. The rule would embed the Anti-Money Laundering Act of 2020 risk-based approach, define baseline program elements including customer due diligence, require a U.S.-based AML/CFT officer, clarify that only significant or systemic failures trigger major supervisory or enforcement actions, and expand FinCEN’s role and information-sharing in certain supervisory and enforcement matters.