FinCEN Updates: FinCEN Seeks Comments on Modernization of U.S. AML/CFT Regulatory Regime

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FinCEN Seeks Comments on Modernization of U.S. AML/CFT Regulatory Regime

Today, the Financial Crimes Enforcement Network (FinCEN) is issuing a request for information (RFI) seeking comments on ways to streamline, modernize, and update the anti-money laundering and countering the financing of terrorism (AML/CFT) regime of the United States. FinCEN is particularly interested in comments on ways to modernize risk-based AML/CFT regulations and guidance, issued pursuant to the Bank Secrecy Act (BSA) so that they, on a continuing basis, protect U.S. national security in a cost-effective and efficient manner. Today's RFI also supports FinCEN's efforts to conduct a formal review of BSA regulations and related guidance, which is required by Section 6216 of the Anti-Money Laundering Act of 2020. Comments should be submitted by February 14, 2022.

News Release: https://www.fincen.gov/news/news-releases/fincen-seeks-comments-modernization-us-amlcft-regulatory-regime

RFI: https://www.federalregister.gov/public-inspection/2021-27081/review-of-bank-secrecy-act-regulations-and-guidance

 

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