In a recent Wall Street Journal article, journalist Dylan Tokar highlights the challenges faced by US regulators in modernizing anti-money laundering laws following the Anti-Money Laundering Act of 2020.
According to Tokar, banks had hoped the reforms required by the legislation would reduce regulatory burdens. However, when the US Treasury's Financial Crimes Enforcement Network (FinCEN) released its proposal to implement the required changes earlier this year, many were left frustrated.
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