Trends in US AML Rulemaking: All You Need To Know

November 2016


By: Chuck Pine

In a time of regulatory uncertainty, financial institutions under the purview of the Bank Secrecy Act (BSA) know at least one thing for certain: Anti-money laundering (AML) compliance should continue to be a top priority.
 
Financial institutions must keep abreast of three key regulatory updates to satisfy needs for BSA and AML compliance in the near-term:
  • The New York Department of Financial Services (NYDFS)’ landmark anti-terrorism transaction monitoring and watch list filtering regulation. The newly implemented regulation sets forth several minimum standards for regulated institutions under the NYDFS’ jurisdiction to maintain adequate compliance programs.
  • The Financial Crimes Enforcement Network (FinCEN)’s expansion of its Real Estate Geographic Targeting Order. FinCEN expanded it beyond just Manhattan and Miami to include six major metropolitan areas in the U.S.
  • FinCEN’s CDD (customer due diligence) Final Rule. FinCEN issued this rule under the BSA to clarify CDD and beneficial ownership requirements. 

You can find details on these regulatory updates, as told by BDO’s Chuck Pine in HFMCompliance: