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

Today, FinCEN joined the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the National Credit Union Administration, and the Office of the Comptroller of the Currency (together, the "Agencies") in issuing a joint statement on the notices of proposed rulemakings that would strengthen and modernize financial institutions' anti-money laundering and countering the financing of terrorism programs (AML/CFT Program NPRMs). The proposed amendments are based on changes to the Bank Secrecy Act as enacted by the Anti-Money Laundering Act of 2020 (the "AML Act") and are a key component of Treasury's objective of building a more effective and risk-based AML/CFT regulatory and supervisory regime. With the AML/CFT Program NPRMs and this joint statement, FinCEN and the Agencies are communicating their commitment to the multi-step, multi-year implementation of the AML Act in order to achieve 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.

Statement:https://www.fincen.gov/sites/default/files/shared/Interagency-Statement-on-the-Issuance-of-the-AML-CFT-Program-Notices-of-Proposed-Rulemaking-FINAL.pdf