Treasury Proposes New Rules Targeting Money Laundering

Published on July 3, 2024

The U.S. Department of the Treasury recently proposed new rules that seek to strengthen regulations against money laundering and terror financing and to ensure such security programs are effective in the current scenario. The proposed rule targets anti-money laundering and countering the financing of terrorism (AML/CFT) programs implemented at financial institutions like banks. It requires entities to adopt more stringent policies to counter such activities. “The proposed rule is a critical part of our efforts to ensure that the AML/CFT regime is working to protect our financial system from longstanding threats like corruption, fraud, and international terrorism, as well as rapidly evolving and acute threats, such as domestic terrorism, and ransomware and other cybercrime,” said Andrea Gacki, director of the Treasury’s Financial Crimes Enforcement Network (FinCEN) in a June 28 press release....

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