News | 09.21.20
Treasury's Crime Unit Seeks Comments on AML Rule Changes
The Treasury Financial Crimes Enforcement Network (FinCEN) is seeking comment on a wide range of potential regulatory amendments to the Bank Secrecy Act’s anti-money laundering requirements. In its advanced notice of proposed rulemaking, FinCEN said the amendments are intended to “modernize the regulatory regime to address the evolving threats of illicit finance, and provide financial institutions with greater flexibility in the allocation of resources, resulting in the enhanced effectiveness and efficiency of anti-money laundering programs.” Covered financial institutions include brokers or dealers in securities, mutual funds, insurance companies, futures commission merchants, and introducing brokers in commodities.
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