On Aug. 25, the U.S. Department of the Treasury’s Financial Crimes Enforcement Network issued a notice of proposed rulemaking that would remove the anti-money laundering program exemption for banks and certain financial institutions considered banks under the Bank Secrecy Act that lack a federal functional regulator.
FinCEN cited certain vulnerabilities and the current regulatory gap in AML coverage between banks with and without a federal functional regulator as its basis for issuing the Proposed Rule.
This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.
To view this content, please continue to their sites.
Not a Lexis Subscriber?
Not a Bloomberg Law Subscriber?
LexisNexis® and Bloomberg Law are third party online distributors of the broad collection of current and archived versions of ALM's legal news publications. LexisNexis® and Bloomberg Law customers are able to access and use ALM's content, including content from the National Law Journal, The American Lawyer, Legaltech News, The New York Law Journal, and Corporate Counsel, as well as other sources of legal information.
For questions call 1-877-256-2472 or contact us at [email protected]