FinCEN proposes rule to reinforce US financial institution AML/CFT programs

US financial institutions, covered by the Bank Secrecy Act (BSA), would be required to allocate and calibrate their anti-money laundering and counter terrorist financing (AML/CFT) resources to best effect based on periodic risk assessments they conducted, under a proposed rule FinCEN published on 28 June.

US financial institutions (FIs), covered by the Bank Secrecy Act (BSA), would be required to allocate and calibrate their anti-money laundering and counter terrorist financing (AML/CFT) resources to best effect based on periodic risk assessments they conducted, under a proposed rule FinCEN published on 28 June [2024]. [1]