FinCEN eyes modernised regulatory regime for AML/CFT in the US

The Financial Crimes Enforcement Network (FinCEN) has issued a consultation that is seeking comments on ways to modernise, streamline and update the US AML/CFT regulatory regime.

According to Regulation Asia, the organisation claims it is particularly interested in comments on ways to modernise risk-based AML/CFT regulations and guidance, issued pursuant to the Bank Secrecy Act, so that they are able to protect US national security in a cost-effective and efficient manner continuously.

FinCEN said the formal review will help to ensure that Bank Secrecy Act regulations and guidance continue to safeguard the US financial system from threats to national security posed by various forms of financial crime.

FinCEN will also be able to identify regulations and guidance that are out of date and do not promote a risk-based AML/CFT compliance regime for financial institutions, or that also do not confirm with US commitments to meet international AML/CFT standards.

Following the conclusion of the review, FinCEN will report its findings and recommendations to US Congress and seek to make the necessary changes. The consultation is open for comments until 14 February 2022.

Copyright © 2021 RegTech Analyst

Enjoyed the story? 

Subscribe to our weekly RegTech newsletter and get the latest industry news & research

Copyright © 2018 RegTech Analyst


The following investor(s) were tagged in this article.