FinCEN is preparing to overhaul its anti-money laundering and counter-terrorist financing rules. The U.S. Financial Crimes Enforcement Network announced plans to revise its AML and CTF regulations to combat what it calls the "evolving threats of illicit finance"—money laundering, terrorist financing, and related crimes.
FinCEN Working On A Changes To AML And CTF Regulations
FinCEN is preparing to overhaul its anti-money laundering and counter-terrorist financing rules. The U.S. Financial Crimes Enforcement Network announced plans to revise its AML and CTF regulations to
Key Points
- FinCEN is preparing to overhaul its anti-money laundering and counter-terrorist financing rules.
- Financial Crimes Enforcement Network announced plans to revise its AML and CTF regulations to
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The agency wants to modernize how financial institutions monitor and report suspicious activity. FinCEN is taking public feedback on the proposals before finalizing them.
Crypto exchanges and blockchain companies will face stricter compliance demands. Banks, insurance firms, mutual funds, casinos, credit unions, and dealers in precious metals, stones, commodities, and futures will face the same increased scrutiny.
The new regulations will require firms to maintain detailed bookkeeping and conduct risk assessments to identify illegal financial activity. In its announcement, FinCEN said the changes aim to "modernise the regulatory regime to address the evolving threats of illicit finance, and provide financial institutions with greater flexibility in the allocation of resources, resulting in the enhanced effectiveness and efficiency of anti-money laundering programs."
FinCEN is reviewing recommendations from its AML Effectiveness Working Group to shape the rules.
MiningPool content is intended for information and educational purposes only and does not constitute financial, investment, or legal advice.
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