Anti-Money Laundering and Countering the Financing of Terrorism Program Requirements

DEPARTMENT OF THE TREASURY <SUBAGY>Office of the Comptroller of the Currency</SUBAGY> <CFR>12 CFR Part 21</CFR> <DEPDOC>[Docket ID OCC-2024-0005]</DEPDOC> <RIN>RIN 1557-AF14</RIN> FEDERAL RESERVE SYSTEM <CFR>12 CFR Part 208</CFR> <DEPDOC>[Docket No. R-1835]</DEPDOC> <RIN>RIN 7100-AG78</RIN> FEDERAL DEPOSIT INSURANCE CORPORATION <CFR>12 CFR Part 326</CFR> <RIN>RIN 3064-AF34</RIN> NATIONAL CREDIT UNION ADMINISTRATION <CFR>12 CFR Part 748</CFR> <DEPDOC>[Docket ID NCUA-2024-0033]</DEPDOC> <RIN>RIN 3133-AF45</RIN> <SUBJECT>Anti-Money Laundering and Countering the Financing of Terrorism Program Requirements</SUBJECT> <HD SOURCE="HED">AGENCY:</HD> Office of the Comptroller of the Currency, Department of the Treasury; Board of Governors of the Federal Reserve System; Federal Deposit Insurance Corporation; and National Credit Union Administration. <HD SOURCE="HED">ACTION:</HD> Notice of proposed rulemaking. <SUM> <HD SOURCE="HED">SUMMARY:</HD> 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. </SUM> <EFFDATE> <HD SOURCE="HED">DATES:</HD> Comments must be received on or before October 8, 2024. </EFFDATE> <HD SOURCE="HED">ADDRESSES:</HD> Comments should be directed to: <E T="03">OCC:</E> Commenters are encouraged to submit comments through the Federal eRulemaking Portal, if possible. Please use the title “Anti-Money Laundering and Countering the Financing of Terrorism Program Requirements” to facilitate the organization and distribution of the comments. You may submit comments by any of the following methods: • <E T="03">Federal eRulemaking Portal—“regulations.gov”:</E> Go to <E T="03">www.regulations.gov.</E> Enter “Docket ID OCC-2024-0005” in the Search Box and click “Search.” Public comments can be submitted via the “Comment” box below the displayed document information or by clicking on the document title and then clicking the “Comment” box on the top-left side of the screen. For help with submitting effective comments please click on “Commenter's Checklist.” For assistance with the <E T="03">Regulations.gov</E> site, please call 1-866-498-2945 (toll free) Monday-Friday, 8 a.m.-7 p.m. Eastern Time (ET) or email <E T="03">regulations@erulemakinghelpdesk.com.</E> • <E T="03">Mail:</E> Chief Counsel's Office, Attention: Comment Processing, Office of the Comptroller of the Currency, 400 7th Street SW, Suite 3E-218, Washington, DC 20219. • <E T="03">Hand Delivery/Courier:</E> 400 7th Street SW, Suite 3E-218, Washington, DC 20219. <E T="03">Instructions:</E> You must include “OCC” as the agency name and “Docket ID OCC-2024-0005” in your comment. In general, the OCC will enter all comments received into the docket and publish the comments on the <E T="03">Regulations.gov</E> website without change, including any business or personal information provided such as name and address information, email addresses, and phone numbers. Comments received, including attachments and other supporting materials, are part of the public record and subject to public disclosure. Do not include any information in your comment or supporting materials that you consider confidential or inappropriate for public disclosure. You may review comments and other related materials that pertain to this rulemaking action by any of the following methods: • <E T="03">Viewing Comments Electronically—Regulations.gov:</E> Go to <E T="03">https://www.regulations.gov/.</E> Enter “Docket ID OCC-2024-0005” in the Search Box and click “Search.” Click on the “Dockets” tab and then the document's title. After clicking the document's title, click the “Browse All Comments” tab. Comments can be viewed and filtered by clicking on the “Sort By” drop-down on the right side of the screen or the “Refine Comments Results” options on the left side of the screen. Supporting materials can be viewed by clicking on the “Browse Documents” tab. Click on the “Sort By” drop-down on the right side of the screen or the “Refine Results” options on the left side of the screen checking the “Supporting & Related Material” checkbox. For assistance with the <E T="03">Regulations.gov</E> site, please call 1-866-498-2945 (toll free) Monday-Friday, 8 a.m.-7 p.m. ET, or email <E T="03">regulationshelpdesk@gsa.gov.</E> The docket may be viewed after the close of the comment period in the same manner as during the comment period. <E T="03">Board:</E> You may submit comments, identified by Docket No. R-1835 and RIN No. 7100-AG78, by any of the following methods: • <E T="03">Agency Website: https://www.federalreserve.gov.</E> Follow the instructions for submitting comments at <E T="03">https://www.federalreserve.gov/generalinfo/foia/ProposedRegs.cfm.</E> • <E T="03">Email: regs.comments@federalreserve.gov.</E> Include docket and RIN numbers in the subject line of the message. • <E T="03">Fax:</E> (202) 452-3819 or (202) 452-3102. • <E T="03">Mail:</E> Ann E. Misback, Secretary, Board of Governors of the Federal Reserve System, 20th Street and Constitution Avenue NW, Washington, DC 20551. <E T="03">Instructions:</E> All public comments are available from the Board's website at <E T="03">https://www.federalreserve.gov/generalinfo/foia/ProposedRegs.cfm</E> as submitted. Accordingly, comments will not be edited to remove any identifying or contact information. Public comments may also be viewed electronically or in paper in Room M-4365A, 2001 C Street NW, Washington, DC 20551, between 9 a.m. and 5 p.m. during Federal business weekdays. For security reasons, the Board requires that visitors make an appointment to inspect comments. You may do so by calling (202) 452-3684. Upon arrival, visitors will be required to present valid government-issued photo identification and to submit to security screening in order to inspect and photocopy comments. For users of TTY-TRS, please call 711 from any telephone, anywhere in the United States. <E T="03">FDIC:</E> The FDIC encourages interested parties to submit written comments. Please include your name, affiliation, address, email address, and telephone number(s) in your comment. You may submit comments to the FDIC, identified by RIN 3064-AF34, by any of the following methods: • <E T="03">Agency Website: https://www.fdic.gov/resources/regulations/federal-register-publications.</E> Follow instructions for submitting comments on the FDIC's website. • <E T="03">Mail:</E> James P. Sheesley, Assistant Executive Secretary, Attention: Comments/Legal OES (RIN 3064-AF34), Federal Deposit Insurance Corporation, 550 17th Street NW, Washington, DC 20429. • <E T="03">Hand Delivered/Courier:</E> Comments may be hand-delivered to the guard station at the rear of the 550 17th Street NW, building (located on F Street NW) on business days between 7 a.m. and 5 p.m. • <E T="03">Email: comments@FDIC.gov.</E> Include the RIN 3064-AF34 on the subject line of the message. <E T="03">Public Inspection:</E> Comments received, including any personal information provided, may be posted without change to <E T="03">https://www.fdic.gov/resources/regulations/federal-register publications.</E> Commenters should submit only information that the commenter wishes to make available publicly. The FDIC may review, redact, or refrain from posting all or any portion of any comment that it may deem to be inappropriate for publication, such as irrelevant or obscene material. The FDIC may post only a single representative example of identical or substantially identical comments, and in such cases will generally identify the number of identical or substantially identical comments represented by the posted example. All comments that have been redacted, as well as those that have not been posted, that contain comments on the merits of this document will be retained in the public comment file and will be considered as required under all applicable laws. All comments may be accessible under the Freedom of Information Act. <E T="03">NCUA:</E> You may submit comments, identified by RIN 3133-AF45, by any of the following methods (please send comments by one method only): • <E T="03">Federal eRulemaking Portal: https://www.regulations.gov.</E> The docket number for this proposed rule is NCUA-2024-0033. Follow the instructions for submitting comments. A plain language summary of the proposed rule is also available on the docket website. • <E T="03">Mail:</E> Address to Melane Conyers-Ausbrooks, Secretary of the Board, National Credit Union Administration, 1775 Duke Street, Alexandria, Virginia 22314-3428. • <E T="03">Hand Delivery/Couri ━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━ Preview showing 10k of 161k characters. Full document text is stored and available for version comparison. ━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━