Removing Barriers Blog

FinCEN Continues AMLA Implementation By Issuing Priorities and Its Report On No-Action Letters
Posted July 01, 2021 by CUNA Advocacy

FinCEN has continued to work towards implementation of the Anti-Money Laundering Act of 2020. Last week FinCEN issued its first set of priorities, along with a joint statement about what it means. The issuance of priorities was a requirement under the AMLA of 2020, as is a rulemaking about how those priorities should inform a BSA/AML compliance programs and examination/supervision of those programs. Read this CUNA Compliance Community blog post for a deeper dive. FinCEN also issued a report on the potential use of no-action letters, concluding that it should undertake a rulemaking to establish a no-action letter process to provide further regulatory guidance and relief. In the report, FinCEN also identified it could more publicly and clearly define existing mechanisms for obtaining guidance and improving consultation processes with other regulatory agencies. For an update on FinCEN’s progress in implementing the AMLA, you can consult their AMLA implementation website.