Supervision and Regulation Letters

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SR 24-4:

Interagency Statement on the Issuance of the AML/CFT Program Notices of Proposed Rulemaking

BOARD OF GOVERNORS
OF THE FEDERAL RESERVE SYSTEM
WASHINGTON, D.C. 20551

DIVISION OF
SUPERVISION AND REGULATION

SR 24-4
July 22, 2024

TO THE OFFICER IN CHARGE OF SUPERVISION AT EACH FEDERAL RESERVE BANK AND INSTITUTIONS SUPERVISED BY THE FEDERAL RESERVE

SUBJECT:

Interagency Statement on the Issuance of the AML/CFT Program Notices of Proposed Rulemaking

Applicability:  This interagency statement is relevant to banking organizations supervised by the Federal Reserve that are subject to the Bank Secrecy Act (BSA) with anti-money laundering/countering the financing of terrorism (AML/CFT) program requirements.

The Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the National Credit Union Administration, the Office of the Comptroller of the Currency (collectively, the Agencies), and the Financial Crimes Enforcement Network (FinCEN) are issuing an interagency statement concurrently with the Notice of Proposed Rulemakings (NPRMs) proposing amendments to their respective AML/CFT program requirements.1

The Agencies and FinCEN are issuing an interagency statement to highlight how the NPRMs are intended to complement and build upon current and anticipated AML Act implementation efforts, such as how the proposed amendments would codify existing practices into regulation and continue to foster risk-based AML/CFT programs. The interagency statement communicates the Agencies' and FinCEN's commitment to the AML Act's purposes of modernizing the AML/CFT regime, encouraging innovation to more effectively counter money laundering and the financing of terrorism, improving law enforcement and national security objectives, and further safeguarding the financial system from illicit activity.

The interagency statement does not alter existing BSA/AML legal or regulatory requirements, nor does it establish new supervisory expectations. The interagency statement is also not intended to signal any particular outcome or emphasis in the final rule.

Reserve Banks are asked to distribute this letter to the supervised banking organizations in their districts and to appropriate supervisory staff. In addition, banking organizations may send questions via the Board’s public website.2

signed by
Michael S. Gibson
Director
Division of
Supervision and Regulation

Attachments:
Notes:

  1. FinCEN is issuing the proposal pursuant to 31 U.S.C. 5318(h)(4)(D), as amended by section 6101(b) of the Anti-Money Laundering Act of 2020 (the "AML Act"). The AML Act was enacted into law as Division F, §§ 6001-6511, of the William M. (Mac) Thornberry National Defense Authorization Act for Fiscal Year 2021, H.R. 6395, 116th Cong. (FY2021 NYDAA) (enrolled bill available at https://www.govinfo.gov/content/pkg/BILLS-116hr6395enr/pdf/BILLS-116hr6395enr.pdf). The Agencies are issuing the proposal for banking organizations to remain consistent with program rule requirements imposed by FinCEN on banking organizations.  Return to text.

  2. See https://www.federalreserve.gov/apps/contactus/feedback.aspx.  Return to text.

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Last Update: July 22, 2024