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Fed tightens anti-money laundering measures, demands banks focus on higher-risk clients
🇲🇽 Mexico /Crime & Justice

Fed tightens anti-money laundering measures, demands banks focus on higher-risk clients

From El Universal · () Spanish

Translated from Spanish, summarized and contextualized by DistantNews.

At a glance

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  • The U.S. Federal Reserve is strengthening measures to combat money laundering in the banking sector.
  • Banks will be required to focus resources on higher-risk customers and activities.
  • The proposed changes aim to align with requirements from four other agencies and will be open for public comment for two months.

The U.S. Federal Reserve announced it will reinforce measures against money laundering within the banking sector, demanding that credit institutions concentrate their anti-money laundering resources based on risk. This means banks will need to pay closer attention to customers and activities deemed higher risk.

The modifications seek to harmonize these changes with anti-money laundering program requirements proposed by four other agencies. The Fed will also ask banks to incorporate the priorities of the Financial Crimes Enforcement Network (FinCEN) regarding money laundering into their risk assessment processes.

According to the proposal, once a bank establishes an anti-money laundering program, the Federal Reserve will focus its supervisory and control activities on significant non-compliance issues within that program. The Fed will accept public comments on the proposal for two months.

DistantNews Editorial

Originally published by El Universal in Spanish. Translated, summarized, and contextualized by our editorial team with added local perspective. Read our editorial standards.

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