Regulatory Alerts2019-12-04 | HTMLAdded
Information about the effectiveness and efficiency of the BSA, as discussed by Secretary Paulson at FinCEN on June 22, 2007
FinCEN will initiate a joint effort with federal banking regulators to align risk-based examination practices with the actual risk profiles of financial institutions. FinCEN plans to craft a narrower definition of Money Services Businesses (MSBs) to reduce the number of covered entities and is working with the IRS and other regulators to produce MSB examination materials. FinCEN will create a new chapter in the Code of Federal Regulations to consolidate AML/CFT regulations for various industries into a single general part and specific parts for each industry. Additionally, FinCEN will provide written feedback to affected industries within 18 months of new or changed regulations and improve communication regarding penalties for non-compliance.