Anti-Money Laundering Program Effectiveness

Title:
Anti-Money Laundering Program Effectiveness
Subject: AML programs
Agency: FinCEN (Treasury)
Status: ANPR
Summary:

This document from the Financial Crimes Enforcement Network (FinCEN) seeks public comment on potential regulatory amendments to establish that all covered financial institutions subject to an anti-money laundering program requirement must maintain an “effective and reasonably designed” anti-money laundering program. Any such amendments would be expected to further clarify that such a program assesses and manages risk as informed by a financial institution’s risk assessment, including consideration of anti-money laundering priorities to be issued by FinCEN consistent with the proposed amendments; provides for compliance with Bank Secrecy Act requirements; and provides for the reporting of information with a high degree of usefulness to government authorities. The regulatory amendments under consideration 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.

FR Doc: 2020-20527
Date proposed: Sept. 16, 2020
Comments due date:

Nov. 16, 2020

Final rule effective date:
Rule compliance date:
Agency release:

 

Related Reg Report item(s):

Maintaining effectiveness of anti-money laundering programs to be gauged under FinCEN proposal

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