On 12/14/21, FinCEN issued a request for information (RFI) seeking comments on ways to streamline, modernize, and update the anti-money laundering and countering the financing of terrorism (AML/CFT) regime of the United States. The agency is particularly interested in ways to modernize risk-based AML/CFT regulations and guidance so that they can continue to protect U.S. national security in a cost-effective and efficient manner. The findings of the review, including administrative and legislative recommendations, will be reported by FinCEN to the Congress.
In a statement by FinCEN Acting Director Himamauli Das, he believes that technology and innovation now play an important role in the efficient application of resources to combat illicit finance.
According to the release, the review will help FinCEN ensure that BSA regulations and guidance continue to safeguard the U.S. financial system from threats to national security posed by various forms of financial crime, and that BSA reporting and recordkeeping requirements continue to be highly useful in countering financial crime. In addition, the formal review will allow FinCEN to identify regulations and guidance that are outdated, redundant, or otherwise do not promote a risk-based AML/CFT compliance management for financial institutions.
All interested parties are encouraged to submit written comments by February 14, 2022.
The full FinCEN’s announcement can be found here.
