The Federal Reserve Board has put forward a proposal to amend the requirements that govern anti-money laundering programs at banks, the Federal Reserve announced.
Under current Federal Reserve rules, banks are obligated to maintain anti-money laundering programs. The proposed amendments would alter those existing obligations, according to the Federal Reserve Board.
The Federal Reserve Board is also inviting members of the public to submit comments on the proposed changes. The agency's call for public input is a standard step in the rulemaking process, and the Board has made clear it is seeking that feedback before any amendments are finalized.
In short, the Federal Reserve Board has moved to revisit the anti-money laundering program standards that banks are presently required to follow, and it is asking the public to weigh in on what those revised requirements should look like.