FinCEN Seeks Public Feedback on AML/CFT Modernization

As part of its work to implement the Anti-Money Laundering Act of 2020, the Financial Crimes Enforcement Network has issued a request for information seeking feedback on how it can streamline, modernize and update anti-money laundering and countering the financing of terrorism rules in the U.S. Comments on the RFI will be due on Feb. 14.

Among other things, FinCEN is seeking feedback on: emerging AML/CFT threats and the extent to which these threats are being addressed under the current AML/CFT regime; reporting and recordkeeping requirements, including suspicious activity reports and currency transaction reports; Bank Secrecy Act regulations or guidance that may be outdated; other BSA regulations or guidance that do not promote a risk-based regime or conform with international standards; and changes that could help to improve efficiency. The AML/CFT modernization process—long advocated by the American Bankers Association—is similar to reviews conducted by the banking regulators every ten years under the Economic Growth and Regulatory Paperwork Reduction Act.