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FinCEN Issues Proposed Rule to Modernize AML/CFT Programs

The U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) has announced a proposed rule to enhance and modernize anti-money laundering and countering the financing of terrorism (AML/CFT) programs within financial institutions.

This rule aims to amend current regulations to mandate that AML/CFT programs be effective, risk-based, and reasonably designed, allowing financial institutions to allocate resources based on their risk profiles. The proposed changes stem from updates to the Bank Secrecy Act (BSA) under the Anti-Money Laundering Act of 2020 and are part of Treasury’s broader goal to create a more effective and risk-based regulatory regime for AML/CFT.

Read more details here.

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