The Financial Crimes Enforcement Network (FinCEN) has issued a Notice of Proposed Rulemaking (NPRM1) that fundamentally reforms the requirements for financial institutions’ anti-money laundering and countering the financing of terrorism (AML/CFT) programs. Below is Artisan Advisors’ executive summary of the salient points of the proposal. 

Artisan’s Risk Management expert, Dan Bagus, read the 202- page Notice of Proposed Rulemaking (NPRM ) recently issued by the Financial Crimes Enforcement Network (FinCEN). There’s a lot to know and Dan shares his key takeaways – including how important the words “establish” and “maintain” are going to become as you dive into how the NPRM fundamentally reforms the requirements for financial institutions’ anti-money laundering and countering the financing of terrorism (AML/CFT) programs. Spoiler alert: Risk assessment is now a required control component—not just a document. Click here to see all of Dan’s takeaways and insights.

Reach out to Dan at [email protected] with your questions. – we’re pretty sure you’ll have some. He can help you navigate your next steps.