FinCEN Seeks to Reassert Control Over Anti-Money-Laundering Policy Reform

The U.S. Bank Secrecy Act has long required financial institutions to maintain anti-money-laundering and counterterrorism-financing programs. Banks, however, often expend resources on forms, audits and box-ticking. Congress passed the Anti-Money Laundering Act in 2020, directing the Treasury Department’s Financial Crimes Enforcement Network, or FinCEN, to adopt a risk-based approach and encourage technological innovation so oversight can focus on significant illicit-finance and national-security threats.

FinCEN proposed a new rule on April 7, 2026, replacing its July 3, 2024 proposal and directing banks to shift resources from repetitive, low-risk checks to higher-risk activity. The Federal Deposit Insurance Corp., National Credit Union Administration and Office of the Comptroller of the Currency issued parallel proposals. The comment period closed on June 9. The proposal does not involve a specific monetary amount, and the industry has urged regulators to streamline reporting forms further.