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FinCEN RFI seeks insights on modernization of AML/CFT regime
The Financial Crimes Enforcement Network (FinCEN) Tuesday issued a request for information (RFI) seeking comments on streamlining and modernizing the anti-money laundering (AML)/countering the finance of terrorism (CFT) regime. The RFI supports the mission outlined in the AML Act of 2020 that requires FinCEN to conduct a formal review of Bank Secrecy Act (BSA) regulations by Jan. 1, 2022.
In addition, the RFI aims to help FinCEN identify outdated and redundant regulations, or any guidance that needs to be changed. FinCEN specifically noted an interest in comments on ways to modernize risk-based AML/CFT regulations and guidance so that they on a continuing basis protect U.S. national security in a cost-effective and efficient manner.
The AML Act of 2020 was passed as part of the fiscal year 2021 National Defense Authorization Act (NDAA); FinCEN included several rulemaking efforts pursuant to provisions in the NDAA as part of the recently released fall rulemaking agenda.
Comments in response to the RFI are due February 14.