Arab Press

بالشعب و للشعب
Friday, Jun 20, 2025

Financial Institutions Want More Clarity on Anti-Money-Laundering Changes

Financial Institutions Want More Clarity on Anti-Money-Laundering Changes

Financial-sector compliance professionals want more input from the government on how to make their anti-money-laundering programs effective.
Last year, regulators proposed amending U.S. anti-money-laundering rules to give financial institutions greater flexibility in the way they allocate resources within their compliance programs. While the industry in general supports the new standards, more detail is needed on what constitutes an effective compliance program, a survey of compliance professionals found.

The poll by the Association of Certified Anti-Money Laundering Specialists, released Wednesday, was conducted late last year following a September proposal by the U.S. Treasury Department’s Financial Crimes Enforcement Network to rework anti-money-laundering rules and before the enactment of new legislation in January.

What changes will come as a result of the new rules and legislation was top of mind among the professionals surveyed, said Kieran Beer, chief analyst at ACAMS. Of the approximately 340 professionals who responded, about 71% worked for financial institutions, according to ACAMS.

One takeaway from the survey is that compliance professionals hope government officials will provide clearer expectations on how financial institutions should comply with anti-money-laundering rules, said Larry Iwanski, a specialist in financial crimes compliance at the professional services firm Alvarez & Marsal Holdings LLC. “People want to know from the regulators a clear path of what they need to do,” he said.

FinCEN has proposed changing the definition of an effective compliance program to cover three key elements. One is a requirement that information provided to officials has a high degree of usefulness to the government authorities who are responsible for conducting investigations into financial crimes.

FinCEN’s proposed definition of an effective compliance program was generally viewed as adequate by respondents, but about three-fifths said more guidance was needed to understand it.

“I think there’s some frustration … about what exactly they need to do to have an effective program,” Mr. Iwanski said. Risk assessments were one area where respondents said they would like greater regulatory clarity, according to the survey.

A large majority of respondents also said that feedback from FinCEN on suspicious activity reports filed under anti-money-laundering rules would help shape the way such reports are filed, potentially increasing their value to law enforcement.
Newsletter

Related Articles

Arab Press
0:00
0:00
Close
16 Billion Login Credentials Leaked in Unprecedented Cybersecurity Breach
Senate hearing on who was 'really running' Biden White House kicks off
G7 Leaders Fail to Reach Consensus on Key Global Issues
Mass exodus in Tehran as millions try to flee following Trump’s evacuation order
Iranian Military Officers Reportedly Seek Contact with Reza Pahlavi, Signal Intent to Defect
China's Iranian Oil Imports Face Disruption Amid Escalating Middle East Tensions
Trump Demands Iran's Unconditional Surrender Amid Escalating Conflict
Israeli Airstrike Targets Iranian State TV in Central Tehran
President Trump is leaving the G7 summit early and has ordered the National Security Council to the Situation Room
Netanyahu Signals Potential Regime Change in Iran
Analysts Warn Iran May Resort to Unconventional Warfare
Iranian Regime Faces Existential Threat Amid Conflict
Energy Infrastructure Becomes War Zone in Middle East
Iran Conducts Ballistic Missile Launches Amid Heightened Tensions with Israel
Iran Signals Openness to Nuclear Negotiations Amid Ongoing Regional Tensions
Shock Within Iran’s Leadership: Khamenei’s Failed Plan to Launch 1,000 Missiles Against Israel
UK Deploys Jets to Middle East Amid Rising Tensions
Exiled Iranian Prince Reza Pahlavi Urges Overthrow of Khamenei Regime
Wreck of $17 Billion San José Galleon Identified Off Colombia After 300 Years
Iran Launches Extensive Missile Attack on Israel Following Israeli Strikes on Nuclear Sites
Israel Issues Ultimatum to Iran Over Potential Retaliation and Nuclear Facilities
Coinbase CEO Warns Bitcoin Could Supplant US Dollar Amid Mounting National Debt
Trump to Iran: Make a Deal — Sign or Die
Operation "Like a Lion": Israel Strikes Iran in Unprecedented Offensive
Israel Launches 'Operation Rising Lion' Targeting Iranian Nuclear and Military Sites
Israeli Forces Intercept Gaza-Bound Aid Vessel Carrying Greta Thunberg
IMF Warns of Severe Global Trade War Impacts on Emerging Markets
Syria to Reconnect to Global Economy After 14 Years of Isolation
Saudi Arabia Faces Uncertainty Over Succession After Mohammed bin Salman
Israel Confirms Arming Gaza Clan to Counter Hamas Influence
Majority of French Voters View Macron's Presidency as a Failure
U.S. Reduces Military Presence in Syria
Trump Demands Iran End All Uranium Enrichment in Nuclear Talks
Iran Warns Europe Against Politicizing UN Nuclear Report
Businessman Mauled by Lion at Luxury Namibian Lodge
Paris Saint-Germain's Greatest Triumph Is Football’s Lowest Point
OPEC+ Agrees to Increase Oil Output for Third Consecutive Month
Turkey Detains Istanbul Officials Amid Anti-Corruption Crackdown
Meta and Anduril Collaborate on AI-Driven Military Augmented Reality Systems
EU Central Bank Pushes to Replace US Dollar with Euro as World’s Main Currency
European and Arab Ministers Convene in Madrid to Address Gaza Conflict
Head of Gaza Aid Group Resigns Amid Humanitarian Concerns
U.S. Health Secretary Ends Select COVID-19 Vaccine Recommendations
Trump Warns Putin Is 'Playing with Fire' Amid Escalating Ukraine Conflict
India and Pakistan Engage Trump-Linked Lobbyists to Influence U.S. Policy
U.S. Halts New Student Visa Interviews Amid Enhanced Security Measures
Trump Administration Cancels $100 Million in Federal Contracts with Harvard
SpaceX Starship Test Flight Ends in Failure, Mars Mission Timeline Uncertain
King Charles Affirms Canadian Sovereignty Amid U.S. Statehood Pressure
Iranian Revolutionary Guard Founder Warns Against Trusting Regime in Nuclear Talks
×