Bank Secrecy Act Program Rule

In summary, the Agencies seek comment on a proposed rule that would amend the requirements that each Agency has issued for its supervised banks (currently referred to as “BSA compliance programs”) to establish, implement, and maintain effective, risk-based, and reasonably designed AML/CFT programs. The amendments are intended to conform with changes that are being concurrently proposed by FinCEN as a result of the AML Act.