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. 

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