FinCEN's New Anti-Money Laundering Rule Extends Federal Oversight

The U.S. Department of the Treasury's Financial Crimes Enforcement Network issued a notice of proposed rulemaking that would remove the anti-money laundering program exemption for banks and certain financial institutions considered banks under the Bank Secrecy Act that lack a federal functional regulator.

FinCEN cited certain vulnerabilities and the current regulatory gap in AML coverage between banks with and without a federal functional regulator as its basis for issuing the Proposed Rule.

READ: FinCEN's New Anti-Money Laundering Rule Extends Federal Oversight (subscription may be required)