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Financial Crimes Enforcement Network FinCEN, a bureau of the U.S. Department of the Treasury, issued an Advanced Notice of Proposed Rulemaking ANPRM, requesting public comment on forty eight questions related to FinCEN’s implementation of a no-action letter process.
On June 3, 2022, the Financial Crimes Enforcement Network (FinCEN) issued an advance notice of proposed rulemaking (ANPRM) seeking feedback on whether and how FinCEN should implement a no-action letter process.
In Short The Situation: On January 1, 2021, the U.S. Congress enacted the most significant reforms to U.S. anti-money laundering laws in decades. The Anti-Money Laundering Act of 2020 ("AMLA") and the Corporate Transparency Act ("CTA"), both within the National Defense Authorization Act, became law upon votes by the U.S. Senate and House of Representatives to override the President's veto. The Result: The enactment of AMLA and CTA initiates an extended regulatory implementation process, as many of the new anti-money laundering requirements take effect over time when the responsible federal ...
In Short The Situation: On January 1, 2021, the U.S. Congress enacted the most significant reforms to U.S. anti-money laundering laws in decades. The Anti-Money Laundering Act of 2020 ("AMLA") and the Corporate Transparency Act ("CTA"), both within the National Defense Authorization Act, became law upon votes by the U.S. Senate and House of Representatives to override the President's veto. The Result: The enactment of AMLA and CTA initiates an extended regulatory implementation process, as many of the new anti-money laundering requirements take effect over time when the responsible federal ag...