https://ebs.publicnow.com/view/8629C5C010B88C71798887EF637F4900F800373C

The Federal Reserve Board on Tuesday requested comment on a proposal to amend its requirements for banks to maintain anti-money laundering programs. The amendments are intended to align with changes to anti-money laundering program requirements separately proposed by four other agencies.

Among other changes, the proposal would require banks to focus their anti-money laundering resources based on risk, with more attention given to higher-risk customers and activities. The proposed amendments would also require banks to incorporate the Financial Crimes Enforcement Network's anti-money laundering priorities into their risk assessment processes. Under the proposal, once a bank has established an anti-money laundering program, the Federal Reserve would focus supervision and enforcement activities on significant failures to implement the program.