US central bank tells banks to actively hunt money laundering, not just report it

The US central bank wants its supervised banks to be more proactive about stopping money laundering and terrorism financing. Banks will need to build better systems to find, evaluate, and reduce illegal financial risks, generating more useful data for law enforcement.

This rule shifts the burden onto banks to actively identify and mitigate illicit finance risks, rather than just reacting to suspicious transactions. It means banks will be expected to produce more actionable intelligence for law enforcement and national security agencies. This is part of a coordinated effort across US financial regulators to implement the Anti-Money Laundering Act of 2020.