Davis Polk partner and Financial Institutions practice head Margaret Tahyar was quoted in Thomson Reuters’ Regulatory Intelligence discussing the U.S. Supreme Court’s termination of the Chevron doctrine and its effects on the Bank Secrecy Act/anti-money laundering (BSA/AML) space.

Discussing how rulemaking would be slowed as FinCEN needs to be even more deliberate in the future, Margaret said, “I don’t think there’s anything particularly specific toward BSA/AML; it just means they will be affected like all agencies.”

“It’s been a long time since the AML Act of 2020 (was passed), so the risk is it’s going to take [FinCEN] even more time [to draft regulations],” she continued.

“End of Chevron deference to have limited effect on AML regulation, may slow future rulemaking -experts,” Thomson Reuters Regulatory Intelligence (July 22, 2024)

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