FinCEN Survey on AML/CFT Costs: Call for Comments
The Financial Crimes Enforcement Network (FinCEN), a pivotal bureau within the U.S. Department of the Treasury, has initiated a significant endeavor by soliciting public comments on a proposed survey. This crucial undertaking is specifically designed to meticulously gather comprehensive data pertaining to the direct compliance expenditures borne by non-bank financial institutions in adherence to Anti-Money Laundering (AML) and Countering the Financing of Terrorism (CFT) mandates. This proactive step underscores FinCEN's commitment to refining regulatory frameworks and enhancing the efficiency of financial crime prevention efforts across the nation. Understanding the Proposed Survey's Mandate and Scope As articulated in a recent press release, FinCEN is extending an open invitation to both the general public and other federal agencies to contribute their insights and feedback on this proposed data collection instrument. The survey targets a diverse array of non-bank financial ent…
