The director of the US treasury department’s Financial Crimes Enforcement Network (FinCEN) has addressed bankers to share some of his perspectives on the US’ new Anti-Money Laundering Act of 2020 (AML Act).
Kenneth Blanco said the act, which includes the Corporate Transparency Act (CTA), is a landmark piece of legislation and the greatest addition to the AML regime since the US Patriot Act and that “the timely and effective implementation of the AML Act is FinCEN’s number one priority.”
He urged participants in the Florida International Bankers Association AML Compliance Conference to provide feedback on FinCEN’s proposed rulemaking and asked them to “help us shape the rules of the road that will govern your industry.”
Beneficial ownership reporting
Blanco singled out FinCEN’s work towards issuing an Advance Notice of Proposed Rulemaking (ANPRM) as one initiative required by the AML Act that bankers would be particularly interested in.
It contemplates the implementation of the beneficial ownership reporting requirements of the CTA and FinCEN is currently soliciting public written comment on the ANPRM.
Improved data management
Meanwhile, steps are being taken to ensure that the beneficial ownership information that FinCEN collects, stores, and protects under this rule will generate a highly useful IT database system for our stakeholders according to Blanco.
He said FinCEN has a project team dedicated to the development of this IT database system, which includes enforcement, liaison, policy, technology, information security, and legal experts to make sure that decisions about structure and functionality are made in the most informed and efficient manner possible.
Candid comments wanted
FinCEN is also in the process of developing the use and confidentiality protocols that will control access to that IT database system.
Banco said FinCEN will be soliciting public written comment at intervals on different aspects of this work, and urged participants at the conference to comment in writing, “fully and candidly”.
“We need the financial industry’s perspectives and insights to help inform our rulemaking. We need your feedback during the notice and comment periods accompanying our ANPRMs and Notices of Proposed Rulemaking. I challenge and encourage all of you to read through our rulemakings and carefully think through the content,” Banco said.
Categories: Trade Based Financial crimes News
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