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

AML-DO-NOT-USE-SINGLE-USE-ONLY
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

Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.

To access these options, along with all other subscription benefits, please contact [email protected] or view our subscription options here: http://subscriptions.risk.net/subscribe

You are currently unable to copy this content. Please contact [email protected] to find out more.

Sorry, our subscription options are not loading right now

Please try again later. Get in touch with our customer services team if this issue persists.

New to Risk.net? View our subscription options

If you already have an account, please sign in here.

Sign up here

 

This address will be used to create your account

You need to sign in to use this feature. If you don’t have a Risk.net account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an individual account here: