https://seekingalpha.com/news/4530210-trump-administration-preparing-an-overhaul-of-anti-money-laundering-rules---report

The Trump administration is preparing changes to anti-money-laundering rules, proposing a more central role for the Treasury Department in enforcement, the Wall Street Journal reported.

The new rules could give the Treasury's Financial Crimes Enforcement Network an ability to veto another regulator's findings relating to infringement of the Bank Secrecy Act, a draft term sheet circulated to the nation's banking regulators reportedly cited.

The Bank Secrecy Act of 1970 requires banks to screen customers and build systems for detecting suspicious activities. FinCEN and the nation's banking regulators have the authority to independently enforce parts of the Bank Secrecy Act, the December 10 report noted.

The proposed changes may require the regulators to ask FinCEN for permission to bring an enforcement action if they find a violation.

Banks can avoid getting penalized by regulators over mere technical violations of anti-money-laundering systems, according to WSJ.

Notably, Secretary of the Treasury Scott Bessent had earlier called for a fundamental reset of financial regulation, and had proposed positioning "FinCEN as a gatekeeper for" the enforcement of anti-money-laundering/combating the financing of terrorism.