Lawmakers Urge FinCEN to Prioritize Financial Crime

Two U.S. lawmakers are urging the Financial Crimes Enforcement Network (FinCEN) to concentrate its efforts on combating significant financial crimes. They are advocating for FinCEN to streamline compliance requirements for financial institutions, arguing that reducing unnecessary burdens will allow for a more effective focus on high-risk illicit activities. This push comes as FinCEN undertakes its current rulemaking process, with the lawmakers emphasizing the need for regulatory clarity and a strategic approach to financial crime enforcement. Their goal is to ensure that FinCEN's resources are directed towards the most critical threats to financial security.