Banking agencies propose rule to align Bank Secrecy Act

The Office of the Comptroller of the Currency, Board of Governors of the Federal Reserve, Federal Deposit Insurance Corporation and the National Credit Union Administration proposed a rule that would amend the requirements for each agency’s Bank Secrecy Act compliance program requirements.

The rule would align the requirements with those proposed by the Financial Crimes Enforcement Network. Public comments on the proposal are due 60 days after publication in the Federal Register.

Learn more on the Agencies proposed rule here.