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December 23, 2021

NAFCU Reg Alert details FinCEN’s RFI on AML/CFT framework modernization

Reg AlertNAFCU Wednesday sent members a Regulatory Alert breaking down the Financial Crimes Enforcement Network's (FinCEN) request for information (RFI) seeking comments on streamlining and modernizing the anti-money laundering (AML)/countering the finance of terrorism (CFT) framework. 

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.

Through the Regulatory Alert, NAFCU highlights:

  • FinCEN is seeking feedback on ways to streamline, modernize, and update the Bank Secrecy Act (BSA) regulations to protect the U.S. financial system in a cost-effective manner; and
  • FinCEN is specifically focusing this review on the current recordkeeping and reporting requirements, and any outdated or redundant regulations and guidance.

In addition, the Regulatory Alert offers credit unions with questions to consider when providing feedback.

Comments on the RFI are due to NAFCU Jan. 21 and can be submitted through the alert; comments are due to FinCEN Feb. 7.

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