In The News

FinCEN Files Seem Unlikely to Alter U.S. Approach to BSA/AML Enforcement

S&P Global Marketplace

24 Sep 2020

Marc-Alain Galeazzi spoke to S&P Global Market Intelligence for an article covering the potential impact of the FinCEN Files, an investigation that discloses details from suspicious activity reports that banks submitted to the Treasury Department’s Financial Crimes Enforcement Network (FinCEN).

While the FinCEN Files have garnered extensive media coverage, the reporting might have little impact on FinCEN’s rulemaking process, according to Marc-Alain, who added that while the investigation suggests banks should have played a more active role in stopping financial transactions, BSA/AML regulations are written such that banks are required to alert law enforcement of potential money laundering, not detect and prevent money laundering themselves.

“I don’t think this will change because banks are banks,” Marc-Alain said. “They’re not the police. They collect the information, and they give it to FinCEN and law enforcement authorities so that they can investigate and indict. And that is how it should work.”

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