BSA/AML Industry News & Insights
Stay up to date with the latest regulatory developments, enforcement actions, and compliance news — curated by CAMS certified consultants with 25+ years of experience.
Latest Compliance News & Updates
Stay informed with the latest regulatory developments, enforcement actions, and industry news affecting BSA/AML compliance for MSBs and financial institutions.
FinCEN Proposes Major AML/CFT Program Overhaul
FinCEN issued a landmark proposed rule to reform AML/CFT program requirements, shifting from prescriptive "check-the-box" compliance to an effectiveness-based approach. Enforcement will now focus on significant or systemic failures rather than isolated technical deficiencies.
New 1% Remittance Transfer Tax: What MSBs Need to Know
Treasury and IRS issued proposed regulations on the new 1% excise tax on certain remittance transfers to foreign countries. Remittance transfer providers are responsible for collecting the tax, making semimonthly deposits, and filing quarterly returns using Form 720.
GENIUS Act Establishes Federal Stablecoin Framework
The Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act was signed into law, mandating 100% reserve backing and strict AML compliance for stablecoin issuers. Banking regulators are now developing implementing regulations.
FinCEN Expands Southwest Border Geographic Targeting Order for MSBs
FinCEN renewed and expanded its Geographic Targeting Order requiring certain MSBs along the U.S. Southwest Border to file CTRs for cash transactions between $1,000 and $10,000. The order targets illicit financial activity linked to drug cartels and transnational criminal organizations.
FinCEN Clarifies SAR Filing: No 90-Day Manual Reviews Required
FinCEN issued FAQs clarifying that institutions are not required to conduct manual reviews every 90 days for continuing suspicious activity, nor are they required to maintain "no-SAR" logs — reducing compliance burden for MSBs and banks.
Executive Order: Restoring Integrity to America's Financial System
The executive order directs Treasury to issue advisories on red flags for suspicious activity including payroll tax evasion, shell companies, and micro-structuring of cash transactions. BSA regulations will be amended to strengthen customer due diligence and identification programs.
BSA/AML Compliance FAQ
Answers to the most common questions about BSA/AML compliance for MSBs, banks, crypto, and fintech companies.
BSA/AML (Bank Secrecy Act / Anti-Money Laundering) compliance is a set of federal regulations requiring financial institutions and Money Service Businesses to detect and prevent money laundering and terrorist financing. If your business transmits money, cashes checks, deals in currency exchange, or sells prepaid access, you are legally required to maintain a BSA/AML compliance program. Non-compliance can result in fines up to $1 million per violation, criminal prosecution, and loss of banking relationships.
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