Anti-Money Laundering and Countering the Financing of Terrorism Programs
The Federal Reserve proposes requiring its supervised banks to implement enhanced AML/CFT programs, which will indirectly affect money transmitters and MSBs that bank with these institutions. Expect stricter due diligence and reporting requirements.
Aforeworn detected this change in the Money Services & Money Transmitters space on July 9, 2026 and published this briefing so affected operators are forewarned rather than caught off guard. It is rated Medium urgency. Money transmitters, MSBs, payment processors, crypto firms, remittance providers, fintech wallets that bank with Federal Reserve-supervised banks. should confirm how it applies to their specific situation before acting. There is a time constraint attached: Comment period ends September 7, 2026. Rule effective date TBD after finalization.. Acting after that point can mean penalties, a lapsed licence, or lost eligibility — exactly the kind of surprise Aforeworn exists to prevent. Aforeworn monitors Money Services & Money Transmitters continuously and turns every detected change into a plain-English briefing like this one, so you always know first. Forewarned is forearmed.
What changed
Proposed rule mandates banks to establish more robust AML/CFT programs, likely leading to increased scrutiny of customer due diligence, transaction monitoring, and suspicious activity reporting for their MSB clients.
Who it affects
Money transmitters, MSBs, payment processors, crypto firms, remittance providers, fintech wallets that bank with Federal Reserve-supervised banks.
What you must do
Review and update your AML/CFT compliance program to align with anticipated bank requirements; ensure beneficial ownership and KYC processes are robust; prepare for enhanced due diligence requests from your bank.
Deadline
Comment period ends September 7, 2026. Rule effective date TBD after finalization.
Never miss a change like this again
Aforeworn watches Money Services & Money Transmitters around the clock and alerts you the moment a rule moves — with a plain-English brief on what to do.
Start your free trial