- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Aaron Nicodemus2024-07-22T15:50:00
Four federal banking regulators have joined the Treasury Department’s Financial Crimes Enforcement Network (FinCEN) in issuing a notice of proposed rulemaking that would require financial institutions to conduct more thorough risk assessments on their anti-money laundering/countering the financing of terrorism (AML/CFT) programs.
The Federal Reserve Board of Governors (the Fed), the Federal Deposit Insurance Corporation (FDIC), the National Credit Union Administration (NCUA), and the Treasury’s Office of the Comptroller of the Currency (OCC) issued a joint statement Friday with FinCEN, requesting public comment on the proposed rule.
The rule, proposed in June, would “explicitly require that such programs be effective, risk-based, and reasonably designed, enabling financial institutions to focus their resources and attention in a manner consistent with their risk profiles,” FinCEN said in a press release. The new requirements were included in the AML Act of 2020, which became law in 2021. The law comprehensively updated the Bank Secrecy Act (BSA) for the first time in decades, according to FinCEN.
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Financial institutions would be required to conduct more thorough risk assessments on their anti-money laundering/countering the financing of terrorism programs under a new rule proposed by the Treasury Department’s Financial Crimes Enforcement Network.
The Financial Crimes Enforcement Network published its latest collection of Bank Secrecy Act data, including number and type of suspicious activity reports.
Andrea Gacki, head of the Financial Crimes Enforcement Network, said recent enforcement actions by the agency have addressed significant gaps in the U.S. anti-money laundering/countering the financing of terrorism regime and exposed specific risk factors, trends, and typologies.
Within two weeks of gaining power, the U.K.’s newly elected Labor government has confirmed its intention to beef up the audit regulator and strengthen corporate governance.
The U.K. Financial Conduct Authority is revamping the London Stock Exchange rules, but more changes may be needed to achieve growth and attract initial public offers, experts said.
The Treasury Department’s Office of the Comptroller of the Currency proposed a rule that would extend requirements for recovery plans to all banks with at least $100 billion in assets.
