Response to FinCEN ANPR on Anti-Money Laundering (AML) Program Effectiveness

by Samantha Pelosi | Nov 18, 2020
On November 16, BAFT, along with BPI and others, submitted a letter to FinCEN supporting regulatory action that would permit entities to enhance the effectiveness of their AML programs.

BAFT along with seven other trade associations submitted a response to an advance notice of proposed rulemaking issued by the Financial Crimes Enforcement Network (“FinCEN”) related to AML program effectiveness.

The associations communicated their view that regulatory action is necessary to enable the allocation of resources to enhance the effectiveness and efficiency of AML programs, while remaining compliant with the legal requirements of the Bank Secrecy Act (“BSA”). They offered several high-level recommendations to FinCEN as it moves forward with the rulemaking process.

To read the joint letter and learn more about the associations’ recommendations, visit our Library of Documents under the Comment Letters section or click here.