The U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) has issued a proposed rule intended to fundamentally reform financial institutions’ anti-money laundering and countering the financing of terrorism (AML/CFT) programs under the Bank Secrecy Act.
The proposed rule supports Treasury’s efforts to modernize the U.S. AML/CFT regulatory and supervisory framework, and to ultimately reduce compliance burden. The proposed rule would promote risk-based, reasonably designed programs and greater consistency in how banks are evaluated for effectiveness, and would revise FinCEN’s regulations to reflect statutory changes made by the Anti-Money Laundering Act of 2020.
This proposed revision of AML/CFT programs fully supersedes a prior proposed rule FinCEN published on July 3, 2024, and FinCEN is withdrawing that proposed rule.
Please email Lisa Quaranta for feedback or questions.
For more information, email Lisa Quaranta.
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Using the above phone number and email address, you can gain access to a knowledgeable team that’s ready to address all your credit union’s compliance inquiries — promptly and efficiently. With the Compliance Hotline, you can proactively respond to impromptu questions and issues by getting clarity and insight on technical topics that normally slow you down. We want to help you unlock the full potential of your League membership by leveraging the resources and support you need to navigate the complex world of compliance effortlessly. We’re ALWAYS just a phone call or email away!
Additionally, other League-member compliance resources include:
For more information, email Lisa Quaranta.
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