H/T ComplyAdvantage. From FinCEN.
“[On June 18] the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) held the 62nd semi-annual plenary meeting of the Bank Secrecy Act Advisory Group (BSAAG). Deputy Secretary of the Treasury Michael Faulkender delivered remarks at the event laying out guiding principles for BSA modernization.”
ComplyAdvantage itself states:
“The most eye-catching update is that the Treasury will attempt to “change the AML/CFT [Anti Money Laundering/Combating the Financing of Terrorism] status quo” so the BSA “explicitly permits financial institutions to de-prioritize risks” and direct resources towards higher-risk areas. The Treasury also intends to streamline reporting processes to minimize the SAR [Suspicious Activity Report] and CTR [Currency Transaction Report] burden on organizations.”
https://www.linkedin.com/pulse/us-plans-bsa-modernization-singapore-implements-corporate-iuzxe
Bredemarket 