Dear USET/USET SPF Family,
The Department of the Treasury has issued a Dear Tribal Leader Letter announcing a Tribal consultation on a Notice of Proposed Rulemaking (NPRM) on, “Anti-Money Laundering and Countering the Financing of Terrorism Programs.” The Financial Crimes Enforcement Network (FinCEN) is proposing the NPRM to strengthen and modernize financial institutions’ anti-money laundering and countering the financing of terrorism (AML/CFT) programs pursuant to the Anti-Money Laundering Act of 2020. The proposed rule would require financial institutions to establish, implement, and maintain effective, risk-based, and reasonably designed AML/CFT programs with certain minimum components, including a mandatory risk assessment process. The proposed rule also would require financial institutions to review government-wide AML/CFT priorities and incorporate them, as appropriate, into risk-based programs, and would provide for certain technical changes to program requirements.
Details regarding this upcoming Tribal consultation are as follows—
For additional background information on this NPRM as well as a list of Framing Questions for the upcoming Tribal consultation, please refer to the Dear Tribal Leader Letter. In addition to the Tribal consultation, Treasury’s Dear Tribal Leader Letter has indicated that it will be accepting comments until Friday, October 18, 2024, which can be submitted to tribal.consult@treasury.gov.
For more information, please contact Brian Howard, USET SPF Senior Policy Analyst, at bhoward@usetinc.org.
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