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ARTICLE · 22 DECEMBER 2021

FinCEN Seeks Input On Modernizing BSA Regulations

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FinCEN issued a request for information seeking feedback on ways to "streamline, modernize, and update" AML and countering the financing of terrorism regulations and guidance under the Bank Secrecy Act.

United StatesFinance and Banking
Jodi Avergun
Jodi Avergun
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FinCEN issued a request for information seeking feedback on ways to "streamline, modernize, and update" AML and countering the financing of terrorism regulations and guidance under the Bank Secrecy Act.

Under Section 6216 of the Anti-Money Laundering Act of 2020, FinCEN is required to review the BSA regulatory regime to ensure there are cost-effective and efficient "safeguards" shielding the U.S. financial system from financial crimes, such as money laundering and the financing of terrorism and proliferation. The review also helps ensure that the information FinCEN collects from covered entities is "highly useful in countering financial crime."

Accordingly, FinCEN is seeking feedback on, among other things, whether:

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