The US treasury department’s Financial Crimes Enforcement Network (FinCEN) has issued a request for information (RFI) seeking comments on ways to streamline, modernise and update the country’s anti-money laundering and counter financing of terrorism (AML/CFT) regime.

As part of a formal review process, FinCEN says it is particularly interested in comments on ways to modernise risk-based AML/CFT regulations and guidance related to the Bank Secrecy Act (BSA) so that they continue to protect US national security in a cost effective and efficient manner.

Regulations and guidance

The review aims to help FinCEN ensure BSA reporting and recordkeeping requirements continue to be highly useful in countering financial crime.

It also aims to allow FinCEN to identify regulations and guidance that are outdated, redundant, or otherwise do not promote a risk-based AML/CFT compliance regime for financial institutions, or that do not conform with US commitments to meet international AML/CFT standards.

Overhaul expected

In consultation with specified stakeholders, FinCEN will make appropriate changes to regulations and guidance to improve their efficiency.  In addition, the formal review will assist FinCEN in identifying recommendations for administrative and legislative changes.

FinCEN will report to congress the findings of the review, including administrative and legislative recommendations.

Deadline for comments

FinCEN strongly encourages all interested parties to submit written comments, which will help inform FinCEN’s report to congress.

Comments should be submitted by 14 February 2022.

FinCEN’s RFI seeking comments on ways to streamline, modernise, and update the country’s AML/CFT regime can be found here.

Categories: Trade Based Financial crimes News

Tags: AML/CFT, anti-money laundering, BSA, counter financing of terrorism, FinCEN, report, RFI, standards, US, US treasury