You may have heard about the Proposed Rule to strengthen and modernize financial institutions anti-money laundering (AML) and countering the financing of terrorism (CFT) programs. This reform, when it comes, will be extensive. One of the first things that stands out is that the days of BSA/AML will fade away and the AML/CFT will be the new norm. Keep in mind, the Bank Secrecy Act isn’t actually going away, it’s just being rebranded and expanded. Specifically, your AML/CFT programs will be required to be effective, risk based and reasonably designed. In many ways, your BSA/AML programs today should (and likely do) meet that same criteria but you will still likely need to tweak what you are doing. One example is that today’s BSA/AML rules do not explicitly require you to do a risk assessment. But the new AML/CFT rules will mandate that you do a risk assessment and that it addresses specific information.
Kevin explains more in the video:
Once a Final Rule is issued, the changes will likely be implemented in phases but now is as good of a time as any to at least start to get that first foot down. We are excited to announce that in 2025 we will be offering an Anti-Money Laundering (AML) & Countering the Financing of Terrorism (CFT) Membership Group to help you with your preparation efforts.
What does membership get you?
*During your monthly paid subscription.
Even better, if you join the group before the end of 2024, you will get access to this year’s “Annual BSA/AML Management & Board” training webinar at no extra charge.
2024/11/25