US Treasury Department proposes major overhaul of bank AML oversight

The US Treasury Department has circulated a proposal, reportedly pushed by Treasury Secretary Scott Bessent, to significantly overhaul and centralize the enforcement of anti-money laundering (AML) laws under the Financial Crimes Enforcement Network (FinCEN). This move is intended to update a framework that Treasury officials consider outdated for addressing contemporary financial crime risks. The proposal stems from complaints by banks regarding the current rules being costly, overly rigid, and ineffective at stopping major illicit money flows. Under the suggested plan, FinCEN would gain the authority to review, and potentially veto, the findings made by other regulatory bodies. The Trump administration's goal is to streamline compliance, eliminate penalties for minor technical infractions, and redirect the system's focus toward detecting serious criminal activity.

(Source：Crypto Briefing)