News

A U.S. Senate panel wants to strike $21 million from the Financial Crimes Enforcement Network's requested budget, potentially delaying the bureau's development of certain anti-money laundering rules while still funding its construction of a register of beneficial owners. In draft legislation now awaiting markup, the Senate Appropriations Committee proposed to provide $189 million to FinCEN, $31 million less than what the House approved July 20 with the aim of covering the bureau's efforts to fill 115 new, full-time positions to implement the AML Act of 2020, or AMLA, and advance other initiatives in fiscal year 2023. FinCEN estimates 25 million...