Breaking News
More Deregulation on the Way at FinCEN
The U.S. financial intelligence unit disclosed plans Monday to survey money services businesses, or MSBs, casinos, and other non-bank institutions on the costs they incur from complying with anti-money laundering and combating-the-financing-of-terrorism requirements.
In a 4-page notice, the Financial Crimes Enforcement Network explained that with the goal of shaping the federal deregulatory agenda, the survey would further ask those institutions to estimate what percentage of their total AML/CFT outlays do they spend on screening transactions, reviewing alerts, filing suspicious activity reports and complying with sanctions.
Other sections of the survey would quiz MSBs, casinos, jewelers, insurance firms and other non-bank respondents on whether they use software or other technology to meet those obligations, as well as to identify their customers, file currency transaction reports, and share financial intelligence among themselves and with depository institutions via the Patriot Act.
The comment period on the proposed survey closes Dec. 1.
| Topics : | Anti-money laundering , Counterterrorist Financing , Sanctions , Fraud |
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| Source: | U.S.: FinCEN |
| Document Date: | September 29, 2025 |