News

The head of the Financial Crimes Enforcement Network told lawmakers in an April hearing that budgetary constraints have kept the bureau behind schedule in implementing the Anti-Money Laundering Act of 2020, which mandates a comprehensive overhaul of the federal AML regime. Those same delays have forced the U.S. financial services industry into a holding pattern while FinCEN develops more than a dozen new rules pursuant to the AML Act, legislation that by some estimates exceeds the Patriot Act in the workload it demands, a panel of former regulators and attorneys said at the ACAMS AML Risk Management & Securities Summit...