Data / Federal rules / 2024-16546
Anti-Money Laundering and Countering the Financing of Terrorism Program Requirements
The National Credit Union Administration published this proposed rule in the Federal Register on August 9, 2024. Comments closed on October 8, 2024.
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What the agency says
The Office of the Comptroller of the Currency (OCC), the Board of Governors of the Federal Reserve System (Board), Federal Deposit Insurance Corporation (FDIC), and the National Credit Union Administration (NCUA) (collectively, "the Agencies" or "Agency" when referencing the singular) are inviting comment on a proposed rule that would amend the requirements that each Agency has issued for its supervised banks (currently referred to as "Bank Secrecy Act (BSA) compliance programs") to establish, implement, and maintain effective, risk-based, and reasonably designed Anti-Money Laundering (AML) and Countering the Financing of Terrorism (CFT) programs. The amendments are intended to align with changes that are being concurrently proposed by the Financial Crimes Enforcement Network (FinCEN) as a result of the Anti-Money Laundering Act of 2020 (AML Act). The proposed rule incorporates a risk assessment process in the AML/CFT program rules that requires, among other things, consideration of the national AML/ CFT Priorities published by FinCEN. The proposed rule also would add customer due diligence requirements to reflect prior amendments to FinCEN's rule and, concurrently with FinCEN, propose clarifying and other amendments to codify longstanding supervisory expectations and conform to AML Act changes.
Key facts
- Document number
- 2024-16546
- Type
- Proposed rule
- Action
- Notice of proposed rulemaking
- Agency
- Treasury Department; Comptroller of the Currency; Federal Reserve System; Federal Deposit Insurance Corporation; National Credit Union Administration
- Published
- August 9, 2024
- Comments due
- October 8, 2024
- Dates
- Comments must be received on or before October 8, 2024.
- Docket
- Docket ID OCC-2024-0005; Docket No. R-1835; Docket ID NCUA-2024-0033
- Regulation ID (RIN)
- 1557-AF14; 3064-AF34; 3133-AF45; 7100-AG78
- Code of Federal Regulations
- 12 CFR 21; 12 CFR 208; 12 CFR 326; 12 CFR 748
- Topics
- Accounting; Agriculture; Banks, banking; Confidential business information; Consumer protection; Crime; Currency; Flood insurance; Insurance; Investments; Mortgages; Reporting and recordkeeping requirements; Securities; Security measures
- Pages
- 23
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Everything from the National Credit Union Administration · Rules on accounting · Rules on agriculture · Rules on banks, banking · Published in August 2024
Read from the Federal Register API, last updated 2026-10-23. The document on federalregister.gov is the official record; dates and dockets can change through later corrections. Free to reuse with credit to SpecStream under CC BY 4.0.