FinCEN and Federal Banking Agencies Propose Major Shift in AML/CFT Program Requirements

The Financial Crimes Enforcement Network (FinCEN) issued a sweeping proposed rule that would significantly overhaul anti-money laundering and countering the financing of terrorism (AML/CFT) program requirements under the Bank Secrecy Act (BSA). The proposal was released in parallel with a separate proposed rule issued by the Office of the Comptroller of the Currency (OCC), Federal Deposit Insurance Corporation (FDIC), and National Credit Union Administration (NCUA) (the Banking Agencies),... By: Davis Wright Tremaine LLP