Hill and Davidson Urge FinCEN to Modernize AML Rules and Prioritize High-Risk Financial Crimes
House Committee on Financial Services Chairman French Hill (AR-02) and Subcommittee on National Security, Illicit Finance, and International Financial Institutions Chairman Warren Davidson (OH-08) recently sent a letter to Andrea Gacki, Director of the Financial Crimes Enforcement Network (FinCEN).
In the letter, Hill and Davidson urge FinCEN to finalize its Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) rule to reduce unnecessary compliance burdens, raise outdated reporting thresholds, encourage AI-driven risk monitoring, and refocus the Bank Secrecy Act on producing actionable intelligence for law enforcement.
Read the letter HERE.
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