The Interagency Statement on the Issuance of the AML/CFT Program Notices of Proposed Rulemaking

Credit Union Regulatory Guidance Including: NCUA, CFPB, FDIC, OCC, FFIEC

www.marktreichel.com

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1. Episode topic: Interagency Statement on the Issuance of the AML/CFT Program Notices of Proposed Rulemaking

2. Date of issuance: June 28, 2024

3. Agencies involved:
- U.S. Department of the Treasury's Financial Crimes Enforcement Network (FinCEN)
- Board of Governors of the Federal Reserve System
- Federal Deposit Insurance Corporation
- National Credit Union Administration
- Office of the Comptroller of the Currency

4. Purpose: To amend AML/CFT program requirements for financial institutions subject to the Bank Secrecy Act (BSA)

5. Key proposed changes:
- New statement of purpose for AML/CFT programs
- Risk assessment process requirements
- Fostering innovative approaches to BSA compliance
- Requirement for U.S. presence

6. Alignment with Anti-Money Laundering Act of 2020 (AML Act) purposes

7. Broader implementation efforts:
- Updates to supervision and examination processes
- Enhanced feedback loops
- Additional AML Act reviews

8. Note that these changes are separate from the Corporate Transparency Act implementation

9. Podcast sponsored by Credit Union Exam Solutions Inc.

10. Presenter: Samantha Shares

11. Additional resource mentioned: "With Flying Colors" podcast for NCUA success tips

12. Contact for assistance: Mark Treichel (LinkedIn or marktreichel.com)

These notes capture the main points discussed in the podcast about the proposed rulemaking and its implications for financial institutions.

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