The Office of the Comptroller of the Currency OCC the Board of Governors of the Federal Reserve System Board Federal Deposit Insurance Corporation FDIC and the National Credit Union Administration NCUA collectively the Agencies or Agency when referencing the singular are inviting comment on a proposed rule that would amend the requirements that each Agency has issued for its supervised banks currently referred to as Bank Secrecy Act BSA compliance programs to establish implement and maintain effective risk-based and reasonably designed Anti-Money Laundering AML and Countering the Financing of Terrorism CFT programs. The amendments are intended to align with changes that are being concurrently proposed by the Financial Crimes Enforcement Network FinCEN as a result of the Anti-Money Laundering Act of 2020 AML Act. The proposed rule incorporates a risk assessment process in the AMLCFT program rules that requires among other things consideration of the national AMLCFT Priorities published by FinCEN. The proposed rule also would add customer due diligence requirements to reflect prior amendments to FinCEN's rule and concurrently with FinCEN propose clarifying and other amendments to codify longstanding supervisory expectations and conform to AML Act changes.