The post US Treasury Department proposes major overhaul of bank AML oversight appeared on BitcoinEthereumNews.com. Key Takeaways Treasury Secretary Scott Bessent is pushing a plan to restructure how the US enforces anti–money laundering laws. The proposal aims to update a framework seen as outdated to better address modern financial crime risks. The Treasury Department has circulated a proposal that would centralize oversight of anti–money laundering enforcement under FinCEN, according to The Wall Street Journal. The proposal would overhaul the current framework, which Treasury officials view as outdated for addressing modern financial crime risks. The move follows complaints from banks that current rules are costly, overly rigid, and ineffective at preventing large-scale criminal money flows. The proposed plan would give FinCEN the right to review, and possibly veto, other regulators’ findings. The Trump administration aims to streamline compliance, prevent penalties for minor infractions, and refocus the system on detecting serious illicit activity. Source: https://cryptobriefing.com/anti-money-laundering-reform-us-treasury/The post US Treasury Department proposes major overhaul of bank AML oversight appeared on BitcoinEthereumNews.com. Key Takeaways Treasury Secretary Scott Bessent is pushing a plan to restructure how the US enforces anti–money laundering laws. The proposal aims to update a framework seen as outdated to better address modern financial crime risks. The Treasury Department has circulated a proposal that would centralize oversight of anti–money laundering enforcement under FinCEN, according to The Wall Street Journal. The proposal would overhaul the current framework, which Treasury officials view as outdated for addressing modern financial crime risks. The move follows complaints from banks that current rules are costly, overly rigid, and ineffective at preventing large-scale criminal money flows. The proposed plan would give FinCEN the right to review, and possibly veto, other regulators’ findings. The Trump administration aims to streamline compliance, prevent penalties for minor infractions, and refocus the system on detecting serious illicit activity. Source: https://cryptobriefing.com/anti-money-laundering-reform-us-treasury/