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Vandana Malik
Sep 17, 2020
by Vandana Malik

FinCEN Announces To Change AML/CTF Rules Within Financial Sector

FinCEN
The U.S. Financial Crimes Enforcement Network, FinCEN has announced plans to change the Anti-Money Laundering (AML) and Counter-Terrorist Financing (CTF) rules. These changes regarding AML and CTF rules will be made within the financial sector. 

It is revealed that FinCEN will be taking the feedback from the public regarding this regulatory proposal. The changes in the rules are meant to strengthen and modernize them. 

FinCEN New Policies Will Address Evolving Threats of Illicit Finance

According to FinCEN, these new policies will be addressing the evolving threats of illicit finance which includes money laundering, terror financing, and any other such crimes. It is believed that crypto exchanges will comply with these regulatory changes. 

FinCEN aims to identify and combat illicit financial activity via record-keeping and risk assessment requirements. It is stated that “The regulatory amendments under consideration are intended to modernize the regulatory regime to address the evolving threats of illicit finance, and provide financial institutions with greater flexibility in the allocation of resources.” This will simply help enhance the efficiency and effectiveness of AML programs. It is also specified that the regulator might be working to tighten up the requirements regarding AML program under the Bank Secrecy Act (BSA).

Considering Policy Recommendation From AML Effectiveness Working Group

It is seen that FinCEN is now considering the policy recommendations from the AML Effectiveness Working Group. In this group, there will be representatives from both state and federal law enforcement agencies. Along with this, there will be representatives from the trade groups and financial institutions that come under BSA regulations. In the announcement, the regulator has also mentioned that they are looking for proper feedback from the public, industry, law enforcement, regulators and many others. Along with this, they are also welcoming the comments regarding this new policy in order to look for any correction that needs to be done.

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FinCEN Announces To Change AML/CTF Rules Within Financial Sector
Vandana Malik
Vandana has received Master of Arts degree in English from GEU Dehradun. She is currently working as a content writer with Agio Support Solutions and earlier worked as a sub-news editor at Business News and Information Services Private Limited. She is an enthusiastic content writer and aims to bring a compelling yet informative content to the audience. Meanwhile, enhancing her own knowledge in the cryptocurrency and blockchain industry.

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