FinCEN Seeks Public Input On Changes To AML Program
Law360 (September 16, 2020, 6:09 PM EDT) -- The Financial Crimes Enforcement Network is considering updating its anti-money laundering program to modernize and address "the evolving threats of illicit finance" and give financial institutions more flexibility to allocate resources.
FinCEN's unpublished advance notice of proposed rulemaking, to be published on Thursday, seeks public comment on potential amendments to enhance and modernize its anti-money laundering program, including establishing an explicit requirement for a risk-assessment process.
Technological changes that led to innovative products and services in the financial sector have created challenges for financial institutions to meet Bank Secrecy Act compliance obligations and give useful information to government authorities, the notice...
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