FinCEN Updates: FinCEN Proposes Rule to Strengthen and Modernize Financial Institution Programs Designed to Fight Money Laundering and Terrorist Financing

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FinCEN Proposes Rule to Strengthen and Modernize Financial Institution Programs Designed to Fight Money Laundering and Terrorist Financing

Today, the U.S. Department of the Treasury's Financial Crimes Enforcement Network (FinCEN) announced a proposed rule to strengthen and modernize financial institutions' anti-money laundering and countering the financing of terrorism (AML/CFT) programs.  While financial institutions have long maintained AML/CFT programs under existing regulations, this proposed rule would amend those regulations to explicitly require that such programs be effective, risk-based, and reasonably designed, enabling financial institutions to focus their resources and attention in a manner consistent with their risk profiles.  The proposed amendments are based on changes to the Bank Secrecy Act (BSA) enacted by the Anti-Money Laundering (AML) Act of 2020 and are a key component of Treasury's objective of a more effective and risk-based AML/CFT regulatory and supervisory regime.

The proposal that FinCEN is issuing today was prepared in consultation with the Board of Governors of the Federal Reserve System, the Office of the Comptroller of the Currency, the Federal Deposit Insurance Corporation, and the National Credit Union Administration in order to collectively issue proposed amendments to their respective BSA compliance program rules for the institutions they supervise. 

News Release: https://www.fincen.gov/news/news-releases/fincen-issues-proposed-rule-strengthen-and-modernize-financial-institutions

Fact Sheet: https://www.fincen.gov/sites/default/files/shared/Program-NPRM-FactSheet-508.pdf

Federal Register Notice: https://www.federalregister.gov/public-inspection/2024-14414/anti-money-laundering-and-countering-the-financing-of-terrorism-programs

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