The Financial Crimes Enforcement Network (FinCEN) launched rulemaking for a no-action letter process, which the agency said might help spur innovation in financial services for anti-money laundering/countering the financing of terrorism (AML/CFT) and compliance functions.
โA no-action letter process has the potential to spur innovation and enhance overall effectiveness of the AML/CFT framework and the implementation of financial institutionsโ compliance programs,โ said FinCEN Acting Director Himamauli Das in a press release Friday. No-action letters are a type of enforcement discretion in which the agency will not take an action against a submitting party for the specific conduct presented to the agency.

