Strengthening AML/CFT Programs: Key Changes and Expectations Under FinCEN’s Proposed Rule

The financial crime landscape is evolving, prompting regulatory bodies like FinCEN to strengthen Anti-Money Laundering (AML) and Countering the Financing of Terrorism (CFT) programs. A newly proposed rule mandates financial institutions to adopt risk-based AML/CFT measures, emphasizing national security and the integrity of the U.S. financial system. This includes implementing mandatory risk assessments and leveraging technological advancements.

The proposed rule extends AML/CFT guidelines to a wider range of financial institutions, from banks to casinos and broker-dealers. It outlines key measures, such as mandatory risk assessments, consistent AML/CFT program implementation, and the integration of national AML/CFT priorities. The rule encourages the use of technology to enhance AML/CFT processes, promoting innovation and effectiveness in combating financial crime.

Solytics Partners offers specialized services to help financial institutions comply with these regulations. Their advanced analytics capabilities and award-winning solutions enable streamlined AML processes, including transaction monitoring, customer segmentation, and risk assessment. Solytics Partners supports institutions in adopting a risk-based approach to AML/CFT compliance, leveraging automation, machine learning, and analytics to ensure robust, efficient compliance.