Financial Crimes Enforcement Network Director Ken Blanco discussed the agency's efforts for updating the BSA/AML framework at the ABA/ABA Financial Crimes Enforcement Conference in December, noting that "we are committing to updating the regulations as necessary to ensure that the BSA regime is an effective and efficient as possible." In the days ahead, FinCEN will work to clarify the risk-based approach to the examination process; clarify that "there is no zero-tolerance approach to BSA enforcement": incentivize financial institutions to devote resources to priority illicit finance threats; and develop concrete ways to highlight the value of BSA data across stakeholders, he said.
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