U.S. Federal Reserve proposes enhanced risk-based AML/CFT requirements for banks, aligning programmes with FinCEN priorities and strengthening illicit finance controls

The proposal aims to align banking requirements with broader AML reforms under the Anti-Money Laundering Act of 2020 and FinCEN’s proposed updates, while improving the quality of information shared with law enforcement and national security agencies. The reforms would require banks to better integrate FinCEN’s AML/CFT priorities into risk assessments, focus resources on higher-risk activities…