Treasury Seeks Power to Streamline Anti-Money Laundering Rules

The Trump administration aims to revamp anti-money laundering rules, addressing bank complaints about the current systems ineffectiveness and high costs. The proposal seeks to empower the Treasurys Financial Crimes Enforcement Network (FinCEN) to overrule other regulators in cases of Bank Secrecy Act violations, potentially sparing banks from penalties for minor technical issues. This move aligns with the administrations broader efforts to streamline banking oversight and improve regulatory collaboration.The Daily News Now! — Every city. Every story. AI-powered. Hosted on Acast. See acast.com/privacy for more information.