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.
House lawmakers agreed to appropriate $210 million to the U.S. Financial Crimes Enforcement Network for fiscal year 2023, meeting the bureau's request for a 30 percent budget boost to cover implementation of a congressionally mandated anti-money laundering overhaul.