Federal Reserve Proposes 60-Day Overhaul of Bank Anti-Money Laundering Rules
Updated
Updated · Bloomberg · Jul 7
Federal Reserve Proposes 60-Day Overhaul of Bank Anti-Money Laundering Rules
2 articles · Updated · Bloomberg · Jul 7
Summary
Tuesday’s proposal would shift banks’ anti-money laundering programs toward a risk-based approach, directing more resources to higher-risk customers and activities.
The Federal Reserve said the changes are meant to sharpen lenders’ focus on what regulators view as core financial risks rather than spread compliance efforts evenly.
The plan now enters a 60-day public comment period, giving banks and other stakeholders a chance to weigh in before any final rule is adopted.