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Debevoise Insight: The Federal Government’s Focus on Anti-Money Laundering Compliance Continues
12 July 2021
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In this Debevoise In Depth, we survey and summarize the most recent such developments and provide context about the federal government’s broader efforts to revise the AML compliance framework.
Most importantly, on June 30, 2021, the Financial Crimes Enforcement Network (“FinCEN”) issued government-wide AML and countering the financing of terrorism priorities, as required by the Anti-Money Laundering Act of 2020 (“AML Act”).
The AML Act also required FinCEN to draft a report assessing whether it should establish a process for issuing no-action letters, which it published on June 30, 2021. The report concludes that no-action letters would be “a useful complement” to FinCEN’s current processes.
Finally, on June 30, 2021, the Federal Financial Institutions Examination Council published updates to four sections of its Bank Secrecy Act / Anti-Money Laundering Examination Manual.
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