The Clearing House (TCH) and FSR filed a letter with the Treasury Department on its Review of Regulations, which was issued under Executive Orders 13771 and 13777 to facilitate public review and recommendations regarding Treasury regulations and guidance, including those promulgated by FinCEN and OFAC that could be “eliminated, modified, or streamlined in order to reduce burdens.” The letter recommended that: (i) Treasury/TFI/FinCEN, as the agency entrusted with authority under the BSA, should communicate clear expectations to industry and other stakeholders, through regulations and guidance with respect to customer due diligence and related obligations; (ii) Treasury/TFI/FinCEN should reform the BSA/AML reporting regime and expand information sharing authorities to enhance law enforcement’s ability to apprehend criminals and counter terrorism in the 21st century; (iii) Treasury/TFI/FinCEN, in consultation with the federal banking agencies, should address the drivers of de-risking to prevent further damage to critical U.S. policy interests; and (iv) Treasury/TFI/OFAC should increase the efficiency and effectiveness of sanctions compliance, and further recognize a risk-based approach to compliance. More granular proposals were provided on each recommendation.
You Might Also Be Interested In...
AML, Bank Secrecy Act and Sanctions Financial Crime Fighters’ Huge Tech Revamp Is More Urgent Than Ever. Here’s What’s Needed to Finish It
AML, Bank Secrecy Act and Sanctions BPI Recommends Changes to Suspicious Activity Report Sharing Pilot Program to Encourage Participation
AML, Bank Secrecy Act and Sanctions BPI Responds to FinCEN Request for Comment on Renewal of Foreign Financial Agent Transaction Reporting
AML, Bank Secrecy Act and Sanctions BPI Comments on FinCEN Review of Bank Secrecy Act Regulations and Guidance
AML, Bank Secrecy Act and Sanctions BPI Supports FinCEN Effort to Stem Shell-Company-Enabled Money Laundering
AML, Bank Secrecy Act and Sanctions BPI Submits Recommendations to FinCEN as Bureau Implements Beneficial Ownership Changes
More Posts by This Author
Digital Assets BPI Comments on Treasury Department Review of Digital Assets in Response to Executive Order
Community Reinvestment Act BPI Comments on Federal Banking Agencies’ Community Reinvestment Act Proposal
Bank Liquidity The Bank of England Just Released Its Plan for Getting Smaller. The Fed Could Learn from it.