The Financial Crimes Enforcement Network (FinCEN) will likely require banks and other financial institutions to assess their anti-money laundering (AML) and countering the financing of terrorism (CFT) programs to ensure they are “effective and reasonably designed.”
FinCEN on Monday announced in the Federal Register it will issue a notice of proposed rulemaking to establish national exam and supervision priorities for financial institutions, part of the provisions of the Anti-Money Laundering Act of 2020. FinCEN, which is a division of the U.S. Treasury, said financial institutions that do not already have a CFT program would have to implement one under the potential rule.
