Four federal regulatory agencies are requesting comments on a new proposal to update the anti-money laundering (AML) and countering the financing of terrorism (CFT) requirements for supervised financial institutions. This update aims to align with recent changes proposed by the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN), driven by the Anti-Money Laundering Act of 2020 (AML Act).

The proposed amendments would require institutions to:

1. Identify, evaluate, and document risks related to money laundering, terrorist financing, and other illicit activities.
2. Consider FinCEN’s national AML/CFT priorities as appropriate.

Consistent with the AML Act, the proposal mandates that the responsibility for establishing and maintaining the AML/CFT program lies with individuals in the United States who can be overseen by the relevant agency. The proposal also supports institutions consideration of innovative approaches to meet compliance obligations.