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Focusing on FinCEN’s New Requirements.

Published by Fenergo

The document discusses the recent regulatory updates and proposals by the Financial Crimes Enforcement Network (FinCEN) aimed at enhancing anti-money laundering (AML) and countering the financing of terrorism (CFT) measures for financial institutions (FIs) in the U.S. Key updates include proposed amendments to the Bank Secrecy Act (BSA), new beneficial ownership reporting requirements, and specific measures to address financial crimes linked to fentanyl trafficking. FinCEN emphasizes the need for financial institutions to modernize their compliance programs, leveraging technology to meet these evolving regulatory demands effectively and efficiently.

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