Federal Reserve Board requests comment on a proposal to amend its requirements for banks to maintain anti-money laundering programs
The Federal Reserve Board is seeking public comment on a proposal to amend its anti-money laundering (AML) program requirements for banks, which may indirectly affect money services businesses (MSBs) and other non-bank financial institutions that rely on banking services. The proposal aims to strengthen AML frameworks, potentially leading to stricter due diligence and reporting obligations for MSBs' bank partners.
Aforeworn detected this change in the Money Services & Money Transmitters space on July 8, 2026 and published this briefing so affected operators are forewarned rather than caught off guard. It is rated Medium urgency. Payment processors, crypto/virtual-currency firms, remittance providers, fintech wallets, and other money services businesses (MSBs) that maintain bank accounts or rely on correspondent banking relationships. should confirm how it applies to their specific situation before acting. There is a time constraint attached: Comment period ends 60 days after publication in the Federal Register (likely late August 2026).. 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
The Federal Reserve Board proposed amendments to its AML program requirements for banks, which could result in banks enhancing their AML compliance programs, including more rigorous customer due diligence and transaction monitoring for MSB clients.
Who it affects
Payment processors, crypto/virtual-currency firms, remittance providers, fintech wallets, and other money services businesses (MSBs) that maintain bank accounts or rely on correspondent banking relationships.
What you must do
Review current banking relationships and ensure your business's AML/BSA compliance programs are robust to withstand increased scrutiny from banks. Consider submitting a comment to the Federal Reserve Board before the deadline.
Deadline
Comment period ends 60 days after publication in the Federal Register (likely late August 2026).
Source: https://www.federalreserve.gov/newsevents/pressreleases/bcreg20260707a.htm
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