[Federal Reserve Board Proposes Revisions to Bank Anti-Money Laundering Program Requirements]
The Federal Reserve Board has proposed revisions to the requirements for bank anti-money laundering programs, aiming to align with proposals from four other agencies. The proposal requires banks to allocate anti-money laundering resources based on risk and incorporate the Financial Crimes Enforcement Network's anti-money laundering priorities into their risk assessment processes. The Federal Reserve will conduct supervision and enforcement for significant failures to implement the program. The public may submit comments within 60 days after the proposal is published in the Federal Register.
