FinCEN Updates AML Rules

Posted 6/28/24

The Treasury Department’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, Friday's 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.

This item is available in full to subscribers.

Attention subscribers

To continue reading, you will need to either log in to your subscriber account, below, or purchase a new subscription.

If you are a current subscriber, and had an account on our previous site, you already have an account. If you have not yet logged into our new site, click here to reset your password.

Otherwise, click here to view your options for subscribing.

E-edition

May 2025 Export Practitioner

View this issue

Browse other issues

Recent stories

SEC Playing "Regulatory Jenga"

In a pointed and urgent address titled “A Reckless Game of Regulatory Jenga,” SEC Commissioner Caroline A. Crenshaw sharply criticized recent deregulatory moves by the Commission, warning that they undermine institutional integrity, ignore market risks, and erode protections for investors and the financial system.

U.S.–Vietnam Trade Talks Advance Amid Tariff Threat, Real Estate Diplomacy

The United States and Vietnam have commenced a second round of trade negotiations in Washington this week, as both sides work to avert the imposition of a punitive 46% tariff that could severely impact Vietnam’s export-driven economy. Meanwhile, Eric Trump is expected in Vietnam later this week for discussions about a potential Trump Tower in Ho Chi Minh City.

RAPTAC and Materials & Equipment TACs

Rules & Procedures Technical Advisory Committee will meet June 10 at 9AM Materials and Equipment Technical Advisory Committee will meet June 5th at 10AM

China Hawks Pile on Harvard

A group of House Republicans is demanding detailed records and testimony from Harvard University over what they characterize as troubling connections to sanctioned Chinese and Iranian entities.

Biosecurity and the New Order

Amid the flurry of executive orders, chain saws and performative policymaking, regulatory progress and adverse developments in global health persist. We share perspective on biological weaponry in the time of AI, an update on dual-use biologics rules and pending changes, a discussion of the emergence of China in drug discovery, and efforts to reduce drug prices which may lead to new export controls.

Welcome to your May Export Practitioner

Our companion Washington Tariff & Trade Letter provides a weekly digest and analysis of Trade Security topics, as well as a deeper discussion of Tariffs, which are of growing interest to all practitioners. For a complimentary trial subscription to the WTTL, just drop us a line at info@exportprac.com.