A rule overhaul proposed by the U.S. Treasury Department’s Financial Crimes Enforcement Network (FinCEN) is designed to reduce compliance burden and would free up banks from tracking all but the most egregious illicit financial activities.
The Notice of Proposed Rule Making (NPRM), announced Tuesday, aims to lighten the compliance burden of financial institutions, an effort that reflects the goal of the Trump administration to reduce federal regulations on businesses generally. The NPRM focuses on anti-money laundering (AML) activities, which are required under the federal Bank Secrecy Act (BSA).
