WASHINGTON, July 9 -- Federal Reserve System has issued a proposed rule called: Anti-Money Laundering and Countering the Financing of Terrorism Programs.
The proposed rule was published in the Federal Register on July 9 by Benjamin McDonough, Secretary of the Board.
Summary: The Board of Governors of the Federal Reserve System (the Board) is inviting comment on a proposed rule that would require its supervised banks to establish and maintain effective anti-money laundering and countering the financing of terrorism (AML/CFT) programs reasonably designed to identify, assess, and mitigate risks of illicit finance. Among other changes, this proposed rule would ensure that Board-supervised banks establish and maintain effective AML/CFT program...