BPI and TCH Comment on Anti-Money Laundering and Countering the Financing of Terrorism Programs

Ladies and Gentlemen:

The Bank Policy Institute^[1] and The Clearing House Association^[2] are writing to comment on the notice of proposed rulemaking issued by the Financial Crimes Enforcement Network and the concurrent notice of proposed rulemaking (collectively, the "NPRM") issued by the Office of the Comptroller of the Currency, the Federal Deposit Insurance Corporation and the National Credit Union Administration (collectively with FinCEN, the "Agencies") to "fundamentally reform the requirements for banks' anti-money laundering and countering the financing of terrorism ('AML/CFT') programs" under the Bank Secrecy Act ("BSA").^[3] The proposed rule was mandated by Section 6101 of the Anti-Money Laundering Act of 2020 ("AML Act") with the goal of transitioning banks from "tick-the-box" compliance exercises to focus on the highest-risk matters.

We appreciate the Agencies' careful consideration of the purpose and goals of the AML Act, and we welcome the opportunity to comment on the NPRM. Modernization of the BSA/AML framework has long been a central priority for the banking industry, and we commend the Agencies' efforts to implement the AML Act's core objectives. The NPRM-in particular, its preamble-reflects a meaningful reorientation of AML/CFT programs toward a more effective, risk-based framework that better aligns with the underlying statutory mandate-to identify and mitigate significant money laundering and terrorist financing ("ML/TF") risks and to create a structure that allows banks to provide information that is "highly useful" to law enforcement agencies.

To read the full comment letter, please click here, or click on the download button below.

[1] The Bank Policy Institute ("BPI") 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. BPI 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.

[2] The Clearing House Association L.L.C., the country's oldest banking trade association, is a nonpartisan organization that provides informed advocacy and thought leadership on critical payments-related issues. Its sister company, The Clearing House Payments Company L.L.C., owns and operates core payments system infrastructure in the United States, clearing and settling more than $2 trillion every business day.

[3] FinCEN, Anti-Money Laundering and Countering the Financing of Terrorism Programs, 91 Fed. Reg. 18,704 (proposed April 10, 2026) ("FinCEN NPRM"); Office of the Comptroller of the Currency, Treasury, Federal Deposit Insurance Corporation, and the National Credit Union Administration, Anti-Money Laundering and Countering the Financing of Terrorism Programs, 91 Fed. Reg. 18,304 (proposed April 10, 2026) ("Banking Agencies' NPRM") (together with FinCEN's notice of proposed rulemaking, the "NPRM").