Anti-Money Laundering and Countering the Financing of Terrorism Programs

Action: Proposed rulemaking.

Summary: FinCEN proposes a rule to modernize anti-money laundering (AML) and countering the financing of terrorism (CFT) programs under the Anti-Money Laundering Act of 2020. Financial institutions will be required to establish effective, risk-based AML/CFT programs that include mandatory risk assessments and incorporate government-wide priorities. The proposal also aims to ensure consistency across rules for different types of financial institutions.