By PAUL O’DONOGHUE, Senior Correspondent
THE U.S. plans to cut AML (anti-money laundering) rules for non-bank businesses as part of a wider deregulation push.
FinCEN, the AML unit of the U.S. Treasury, will launch a survey examining ‘the costs of AML/CFT compliance”.
The study will assess AML costs for non-bank companies which still fall under compliance rules. Examples include casinos, insurance firms and operators of credit card systems.
FinCEN said it will use responses “to shape deregulatory proposals, consistent with the Executive Orders of the Trump Administration”.
The survey will ask companies what they spend complying with the Bank Secrecy Act (BSA) and related AML rules.
“Your responses will help us understand the financial impact of these regulations,” FinCEN said.
“Responses will not be used for supervisory or enforcement purposes.”
The survey covers:
- The cost of complying with AML rules in 2024
- Any technology used to comply with AML measures
- How much businesses spend generating and reviewing Suspicious Activity Reports (SARs)
- Any AML costs incurred by a business which are not directly required by the BSA, or other AML rules
The survey is available [HERE].
Businesses must send responses on or before December 1, 2025.
The move is part of a broader deregulation push by the Trump administration. The U.S. recently eased several other anti-financial crime measures.
In March, the U.S. Treasury removed beneficial ownership information (BOI) reporting requirements for 99% of U.S. companies. While in June, the government narrowed the focus of the Foreign Corrupt Practices Act (FCPA, which bars Americans bribing foreign officials for business deals.
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