FinCEN Proposes Rule to Overhaul AML/CFT Programs and Shift Focus to Higher Risk Activity; Banking Regulators Follow with Similar Proposed Rule

On April 7, 2026, the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (“FinCEN”) proposed a rule to “fundamentally reform the requirements for financial institutions’ anti-money laundering and countering the financing of terrorism (“AML/CFT”) programs under the Bank Secrecy Act (“BSA”).” The proposed rule aims to “promote risk-based, reasonably designed programs and greater consistency in how banks are evaluated for effectiveness.”...... By: King & Spalding