Financial Services Committee leaders call for AML/CFT relief

House Financial Services Committee leaders are urging the Financial Crimes Enforcement Network (FinCEN) to finalize its Bank Secrecy Act anti-money laundering/countering the financing of terrorism (AML/CFT) rule. America’s Credit Unions strongly supports the rule, and filed comments in favor earlier this month.

House Financial Services Committee Chairman French Hill, R-Ark., and Financial Services Subcommittee on National Security, Illicit Finance, and International Financial Institutions Chairman Warren Davidson, R-Ohio, note their support of the proposal’s focus on effectiveness, risk-based compliance, and the allocation of resources toward higher-risk activity.

The lawmakers also support America’s Credit Unions’ call to modernize the thresholds for Currency Transaction Reports (CTRs) and Suspicious Activity Reports (SARs). The House Financial Services Committee has advanced credit union-supported legislation to increase the thresholds and index them for inflation.

America’s Credit Unions remains engaged with FinCEN as it works to finalize its rule.