Overview
- FinCEN proposed a rule that would overhaul Bank Secrecy Act compliance for banks, fintechs, money services businesses, and broker‑dealers.
- The draft would require AML/CFT programs to work in practice, drawing a clear line between setting a program up and keeping it operating effectively day to day.
- It directs firms to steer more staff and tools to higher‑risk customers and activities based on each institution’s risk profile.
- It would require a written risk assessment that firms update when risks change and that reflects national anti‑money‑laundering and counter‑terror finance priorities.
- For banks, it would add a FinCEN check on major supervisory actions, and the proposal moves to public comment after replacing an earlier 2024 draft.