FinCEN Acting Director Him Das highlighted new threats, new innovation and public-private partnerships in the transformation of the AML/Counter-Terrorist Financing ("AML/CFT") regulatory regime.
In an address before the American Bankers Association/American Bar Association, Mr. Das focused on how the AML/CFT regulatory regime must account for new threats, such as ransomware, and new innovations, such as digital assets. He praised the success of regulatory "sandboxes" and promoted greater public-private partnerships "to modernize and enforce this regime." Mr. Das said that he wants to transform the AML/CFT regime from post-9/11 to post-pandemic with a focus on artificial intelligence and digital assets.
Primary Sources
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
