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FinCEN issues proposed rule to modernize AML/CFT programs

Wally Adeyemo, United States Deputy Secretary of the Treasury
Wally Adeyemo, US Deputy Secretary of the Treasury. Photo: Arturo Holmes/Getty Images

Julie DiMauro

1 min read
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The proposed amendments are based on changes to the Bank Secrecy Act contained in the AML Act of 2020.

The US Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) has announced a proposed rule to strengthen and modernize financial institutions’ anti-money-laundering and countering-the-financing-of-terrorism (AML/CFT) programs.

While financial institutions have long maintained AML/CFT programs under existing regulations, the proposed rule would amend those regulations to

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