AML Conversations FinCEN 2024 Review, BSA Modernization, Fraud, and FATF Reports
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Jun 27, 2025 Jennie Jonas, a Senior Vice President at AML RightSource, shares her expertise on recent developments in anti-money laundering. She discusses FinCEN’s 2024 Year in Review and the modernization of the Bank Secrecy Act. The conversation highlights global fraud trends, regulatory shifts in the EU and UK, and the role of digital currencies in fighting financial crime. Jennie emphasizes the importance of collaboration and information sharing among institutions to enhance fraud prevention and navigate the complexities of compliance in a rapidly evolving landscape.
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FinCEN BSA Tool High Usage
- FinCEN's 2024 review shows that BSA filings usage by law enforcement is high, with over 2 million searches on the BSA tool.
- However, the true challenge is implementing modernization principles like innovation, risk-based approaches, and fairness effectively in practice.
Balancing Regulation Costs & Benefits
- There's a delicate balance between regulation cost for industry and benefits for law enforcement in AML rules.
- Discussions continue on raising CTR thresholds amid concerns about losing critical data for investigations.
EU & UK Fraud Fighting Strategies
- EU and UK focus is heavily on combating fraud through data-sharing and embedding anti-fraud safeguards in new digital currencies.
- The EU proposes semi-anonymized transaction repositories to alert institutions about fraud-linked accounts, balancing privacy with fraud prevention.