FinCEN Proposes Rule to Reform Anti-Money Laundering and Countering the Financing of Terrorism Programs

Summary

The Financial Crimes Enforcement Network (FinCEN) is proposing a rule to modernize the Bank Secrecy Act (BSA) and implement provisions of the Anti-Money Laundering Act of 2020 (AML Act), aiming to enhance the effectiveness of financial institutions' anti-money laundering and countering the financing of terrorism (AML/CFT) programs, and promote clarity and consistency across FinCEN's program rules.

Original source language: Federal Register — Department of the TreasuryOpen original release →

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