FinCEN and other agencies have issued an interagency statement on proposed rulemakings aimed at strengthening and modernising financial institutions’ AML/CFT programmes

The proposed amendments are based on changes to the Bank Secrecy Act as enacted by the Anti-Money Laundering Act of 2020 (the “AML Act”) and are a key component of Treasury’s objective of building a more effective and risk-based AML/CFT regulatory and supervisory regime…