Treasury proposes fundamental reform of financial institutions’ AML/CFT program requirements

The Financial Crimes Enforcement Network (FinCEN) within the United States Department of the Treasury (Treasury) has issued a notice of proposed rulemaking (Program Rule NPRM) to “fundamentally reform” the anti-money laundering and countering the financing of terrorism (AML/CFT) program requirements applicable to financial institutions under the Bank Secrecy Act (BSA).... By: DLA Piper