News

Scarce resources, existing measures and the multifaceted structure of the U.S. anti-money laundering regime are set to delay the Financial Crimes Enforcement Network's development of a new regulatory-relief program, sources told ACAMS moneylaundering.com. FinCEN, a bureau of the U.S. Treasury Department, gave cautious support for a congressional plan that would allow financial institutions to request "no-action letters" from the bureau, a formal, written promise of immunity from enforcement when they engage in novel AML compliance practices whose potential benefits outweigh the risk of violations. Evaluating an institution's request for a no-action letter would require consultations with other regulators and take...