Davis Polk partner Dan Stipano was quoted in S&P Global discussing what to expect in anti-money laundering (AML) regulations in 2024.

The Financial Crimes Enforcement Network (FinCEN) has already finalized two rules relating to its beneficial ownership database. It is set to propose the third, which, Dan noted, “is the one that’s going to impact banks the most” because it will conform changes to the customer due diligence rule to requirements in the Corporate Transparency Act.

The Treasury is also expected to issue a proposed rule, most likely in the first quarter of 2024, with priorities for banks to incorporate counterterrorism in AML programs, Dan added.

“Bank regulators face a race against the clock to finalize rules before election,” S&P Global (December 28, 2023)

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