ANALYSIS: U.S. Seeks AML Modernization, While U.K. Goes Retro

Jan. 4, 2022, 10:00 AM

It was the most forward-looking of times, it was the most backward-looking of times. So it was in the anti-money laundering (AML) field as 2021 drew to a close.

The U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) issued a request for public comments on the modernization of the U.S. AML regulatory regime on Dec. 15, the day after the conclusion of a U.K. Financial Conduct Authority (FCA) enforcement action in a case involving deposits of trash bags full of cash—money laundering as simple and old school as it gets.

FinCEN issued its request for information (RFI) to ...

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