Anti-Money Laundering and Countering the Financing of Terrorism Programs
Key claim: The Federal Reserve is proposing to require its supervised banks to establish risk-based AML/CFT programs aligned with the Anti-Money Laundering Act of 2020 and coordinated with parallel rulemakings by FinCEN, OCC, FDIC, and NCUA.
Abstract
(Proposed Rule · Federal Reserve System) The Board of Governors of the Federal Reserve System (the Board) is inviting comment on a proposed rule that would require its supervised banks to establish and maintain effective anti-money laundering and countering the financing of terrorism (AML/CFT) programs reasonably designed to identify, assess, and mitigate risks of illicit finance. Among other changes, this proposed rule would ensure that Board-supervised banks establish and maintain effective AML/CFT programs that are intended to better achieve the purposes of the Bank Secrecy Act (BSA), culminating in the development of highly useful information related to illicit financial transactions for law enforcement and national security agencies. The amendments are intended to align with changes to AML/CFT program requirements proposed by the Financial Crimes Enforcement Network (FinCEN) to implement provisions of the Anti-Money Laundering Act of 2020 (AML Act) and corresponding changes proposed by the Office of the Comptroller of the Currency (OCC), Federal Deposit Insurance Corporation (FDIC), and the National Credit Union Administration (NCUA) (collectively, “the Agencies”) on April 10, 2026.
Why this matters
This proposal represents the Federal Reserve’s contribution to a coordinated interagency effort to modernize BSA/AML program rules under the Anti-Money Laundering Act of 2020, aligning expectations across all federal banking regulators. For banks, it shifts compliance emphasis toward explicit risk-based program design and documented risk assessments, while for the broader supervisory landscape it establishes the baseline framework that parallel rules for credit unions and stablecoin issuers are being layered on top of.