Washington, D.C. – BPI issued the following statement today in response to the Federal Reserve Board’s proposed updates to its Anti-Money Laundering and Countering the Financing of Terrorism program requirements:
“The Federal Reserve’s AML/CFT program proposal deviates materially from FinCEN and the other banking agencies’ proposals by failing to give FinCEN a coordinating role in AML/CFT examination. Congress has explicitly entrusted the Secretary of Treasury with setting national priorities for the AML/CFT regime and establishing the standards a compliance program must meet. The Federal Reserve’s proposal would leave examiners free to establish their own standards in conflict with those set by Treasury. Furthermore, to the extent that Fed examiners issue mandates inconsistent with the national priorities set by the Treasury Department, the Fed’s proposal, unlike those of the other agencies, fails to allow banks to raise that matter with the Treasury Department.”
###
About Bank Policy Institute.
The Bank Policy Institute is a nonpartisan public policy, research and advocacy group that represents universal banks, regional banks and the major foreign banks doing business in the United States. The Institute produces academic research and analysis on regulatory and monetary policy topics, analyzes and comments on proposed regulations, and represents the financial services industry with respect to cybersecurity, fraud and other information security issues.
Media Contacts
Sam Fabens
Bank Policy Institute
sam.fabens@bpi.com
