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ARTICLE · 15 JULY 2024

FinCEN Issues Proposed Rule Amending Requirements Of Financial Institutions' AML/CFT Programs

Holland & Knight
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The U.S. Department of the Treasury's Financial Crimes Enforcement Network (FinCEN) issued a proposed rule that would require financial institutions to implement...

United StatesGovernment, Public Sector
Andres Fernandez
Andres Fernandez
Gabriel Caballero Jr.
Gabriel Caballero Jr.
Daniel Noste
Daniel Noste
Catherine Yepes
Catherine Yepes
Jacob Marco
Jacob Marco
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Highlights

  • The U.S. Department of the Treasury's Financial Crimes Enforcement Network (FinCEN) issued a proposed rule that would require financial institutions to implement "effective, risk-based" anti-money laundering/countering the financing of terrorism (AML/CFT) programs.
  • The proposed rule would implement certain statutory provisions of the Anti-Money Laundering Act of 2020, and many of the provisions, if enacted, will require financial institutions to implement additional compliance measures.
  • Under the proposed rule, financial institutions would have to align AML/CFT programs with their own mandatory risk assessment and government-wide AML/CFT priorities and ensure compliance with other stated requirements.

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