FinCEN outlines plans to modernise the U.S. AML/CFT framework, highlighting nearly US$2B recovered for cyber fraud victims and disrupted the Huione Group’s alleged US$4B ML operation

Director Andrea Gacki told Congress that the programme has helped recover stolen funds for 5,790 US individuals and businesses since 2015. Her testimony also highlighted FinCEN’s action against Huione Group and successor entities, which the agency says were connected to laundering at least $4 billion, alongside efforts to modernise the Bank Secrecy Act regime around current illicit-finance risks…