As a subsidiary of Bank of America, Merrill uses a BofA software program to monitor and report suspicious activity. For years, the Securities and Exchange Commission says, that program fell short.

Fed seeks comments on new risk-based bank AML rules aligned with FinCEN, OCC, FDIC & NCUA; Barr warns of vague enforcement standards.

Document that the AML program is effective, risk based, and reasonably designed. Maintain separate documentation of program design and execution. Draft clear descriptions of the roles and ...

The proposal calls for banks to make their compliance programs "risk-based" and pledges to emphasize "systemic" flaws with anti-money laundering programs rather than "isolated" shortcomings.

“For too long, Washington has asked financial institutions to measure success by the volume of paperwork rather than their ability to stop illicit finance threats,” said Treasury Secretary Scott ...

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On July 9, 2026, the Board of Governors of the Federal Reserve (“Federal Reserve” or “the Board”) issued a Notice of Proposed ...

As anticipated, on July 7, 2026, the Federal Reserve Board requested comment on a proposed rule amending its requirements for banks to ...

A well-designed business risk assessment program is the key to a successful anti-money laundering program. For companies with ineffective AML pro­grams, avoid­ing the rigorous self-analysis necessary ...

As stablecoins and related products gain traction in the U.S., bankers are going to have to face the fact that their current anti-money-laundering controls simply aren't up to the task anymore, writes ...