Moneylaundering.com: FinCEN Proposes Requiring ‘Effective’ AML Programs

September 16, 2020

O’Melveny counsel and former deputy associate director of the Financial Crimes Enforcement Network (FinCEN) Braddock Stevenson is quoted in this article about the regulator’s plans to significantly amend the current anti-money-laundering regulatory framework.

FinCEN said the plan, pending feedback from the private sector, “would allow financial institutions to more efficiently allocate resources and would impose minimal additional burden on existing AML programs,” Moneylaundering.com reported.

Stevenson told the outlet a series of publications on national priorities would provide banks and others “an anchor” for assessing their compliance risks. This is a “critical step forward,” he added.

“The issue that always comes up is how do you define the effectiveness,” Stevenson said. “Without being able to quantify effectiveness, it comes down to: What’s the best compliance story [an institution] can tell their regulator?”

Read the full article here.