FinCEN's latest proposal could revolutionize anti-money laundering programs for financial institutions. With a shift towards risk-based approaches and effectiveness over technical compliance, banks, credit unions, and payment vendors face significant changes. From mandatory risk assessments to enhanced training requirements, this article breaks down the key proposals and their potential impacts. Discover how these changes could reshape your AML strategy and what steps you should take to prepare for this regulatory evolution.

On Friday, May 3, 2024, The Federal Reserve Board requested comment on a proposal to expand the operating days of the Federal Reserve Banks' two large-value payments services to include weekends and holidays, so that they would operate every day of the year.

Currently, both the Fedwire^® Funds Service and the National Settlement Service, or NSS, operate Monday through Friday, excluding holidays. Under the proposal, both services would operate every day of the year. The operating hours each day would remain the same, with the Fedwire Funds Service open 22 hours per day, and NSS open 21.5 hours per day. Use of the expanded operating days by service participants, such as banks and credit unions, would be voluntary.