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

Image: Artur Szczybylo / Alamy Stock Photo

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 Laundering Act, including one that establishes eight national priorities covering financial crime

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