AML Compliance

Treasury Borrowing Advisory Committee Meeting Notice - May 5, 2026

The Treasury Department's Office of Debt Management announces a closed meeting of the Treasury Borrowing Advisory Committee on May 5, 2026, in Washington, DC. The committee will provide advice on economic conditions, financial markets, Treasury financing, and debt management operations. The meeting is closed to the public pursuant to federal advisory committee law exemptions.

Treasury Designates SSA Numident Database to Do Not Pay System

The Treasury Department has finalized the designation of the Social Security Administration's Numerical Identification System (Numident) database for inclusion in the Do Not Pay Working System. The designation follows a public comment period during which Treasury received three comments, all supportive of the proposed addition. Treasury addressed privacy concerns by confirming strict safeguards including limited access, audit logging, and compliance with Federal Information Security Modernization Act and NIST requirements.

FinCEN Proposes Rule Reforming AML/CFT Program Requirements Under Bank Secrecy Act

FinCEN proposed a fundamental reform of Bank Secrecy Act AML/CFT program requirements for financial institutions. The rule would require banks, broker-dealers, insurers, and other covered entities to establish more effective AML/CFT programs aligned with BSA purposes and improve outcomes for law enforcement and national security. Comments are due June 9, 2026.

Permitted Payment Stablecoin Issuer Anti-Money Laundering/Countering the Financing of Terrorism Program and Sanctions Compliance Requirements

OFAC and FinCEN jointly propose a rule requiring permitted payment stablecoin issuers to establish AML/CFT programs and sanctions compliance programs. The proposal would mandate covered entities to implement controls, conduct customer due diligence, and file suspicious activity reports. Comments are due 60 days from the April 10, 2026 publication date.

FDIC Modifies Financial Institution Ownership Records Under Privacy Act

The Federal Deposit Insurance Corporation (FDIC) is modifying Privacy Act system of records FDIC-004 by combining it with FDIC-008 and rescinding the latter. The renamed 'Financial Institution Ownership Records' system will support FDIC's regulatory and supervisory functions. The agency is seeking public comment on four proposed routine uses through May 11, 2026.

FDIC and OCC Ban Regulators' Use of Reputation Risk in Bank Supervision

The FDIC and OCC published a final rule prohibiting bank examiners from using reputation risk as a basis for supervisory criticism or enforcement actions. The rule removes informal guidance practices that critics argued allowed regulators to pressure banks over public perception rather than actual safety and soundness concerns. Federally chartered and state-chartered banks subject to OCC and FDIC supervision are directly affected.

Anti-Money Laundering and Countering the Financing of Terrorism Programs

The OCC, FDIC, and NCUA have jointly published a proposed rule requiring banks and credit unions to establish formal Anti-Money Laundering (AML) and Countering the Financing of Terrorism (CFT) programs. The rule outlines minimum requirements for program design, implementation, and oversight. The agencies are seeking public comment for 60 days.

GENIUS Act Requirements for FDIC-Supervised Permitted Payment Stablecoin Issuers

The FDIC has published a proposed rule implementing the GENIUS Act requirements and standards for permitted payment stablecoin issuers and FDIC-supervised insured depository institutions. The proposal establishes regulatory requirements for entities issuing payment stablecoins under FDIC supervision. The public comment period closes on June 9, 2026.

Draft Revisions to Japan's Corporate Governance Code for Public Consultation

The Financial Services Agency of Japan and Tokyo Stock Exchange have launched a public consultation on proposed draft revisions to Japan's Corporate Governance Code. The consultation seeks feedback on amendments affecting listed companies and institutional investors, with comments due by Friday, 15 May 2026. The revisions build upon prior versions applicable from 1 June 2015, revised on 1 June 2018 and 11 June 2021.

Reg J Amendment for FedNow and Fedwire Funds Transfers

The Federal Reserve proposes amendments to Regulation J governing the collection of checks and other items by Federal Reserve Banks, and clarifies rules for funds transfers through Fedwire Funds Service and the FedNow Service. The proposal seeks to modernize payment system regulations as FedNow adoption grows.