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Banking Dive: FinCEN Overhaul to AML Rules Would Bring Clarity, Experts Say

September 18, 2020

O’Melveny counsel and former deputy in the Financial Crimes Enforcement Network’s (FinCEN) enforcement division Braddock Stevenson is quoted in this Bank Dive article, which discussed the regulator’s plan to update its AML compliance program to meet modern threats such as illicit finance, money laundering, terrorist financing, and related crimes.

Stevenson told the publication that the effectiveness of Bank Secrecy Act compliance is often difficult to quantify and define. “This [advanced notice of proposed rulemaking] represents a crucial step forward in implementing an actual solution.”

“Without a method to quantify or define ‘effectiveness,’ these efforts would really become a question of who can tell their regulator the best ‘compliance program’ story. FinCEN’s use of Nationally Set AML priorities would help create a clear goal post for defining an effective program,” Stevenson added.

Read the full article here.