Davis Polk partner Dan Stipano was quoted in MoneyLaundering.com from a panel at ACAMS’ “AML Risk Management & Securities Summit” on FinCEN’s implementation of the Anti-Money Laundering Act. Dan noted that “FinCEN has been given a monumental task and not been afforded the staffing and resources to do it in compliance with the legislative timeframe.”

He also added that “given the way AMLA is written, the ultimate impact of the content is really going to be determined by the regulations because the statute itself is very general in most areas … so it makes it difficult to prognosticate.”

AML Act Delay Takes Toll on Compliance Departments,” MoneyLaundering.com (July 15, 2022) (subscription required)