Banks hope new US rule will see AML judged on effectiveness
Proposed FinCEN ruling asks regulators to look beyond design to whether AML measures actually work
Banks’ financial crime experts are hopeful that a proposed ruling by FinCEN, the US Treasury’s Financial Crimes Enforcement Network, will shift regulators’ focus to the effectiveness of bank systems at detecting suspicious activity – not just their design, as is currently the case. But the devil may be in the detail of enforcement.
FinCEN’s ruling would implement provisions of the Anti-Money
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