Treasury Surveys Banks on Hidden Costs of Fighting Money Laundering
Published Date: 4/28/2026
Notice
Summary
The Treasury Department is launching a new survey to find out how much it costs financial companies to follow anti-money laundering and terrorism-fighting rules. This survey is voluntary and aims to help make these rules fairer and less costly without losing their power. If you work at a bank or similar company, you can share your thoughts by May 28, 2026, to help shape future changes.
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Analyzed Economic Effects
3 provisions identified: 2 benefits, 1 costs, 0 mixed.
Voluntary AML/CFT Survey for MSBs
The Treasury (FinCEN) is launching a voluntary survey about the costs of anti‑money laundering and counter‑terrorist financing (AML/CFT) compliance. The pilot will be distributed exclusively to money services businesses (MSBs) through MSB trade associations, is expected to yield about 7,457 responses, takes about 8 hours per response, and the total estimated annual burden is 59,656 hours. Comments on the information collection request must be received by May 28, 2026.
Data May Support Deregulatory Actions
FinCEN says the information gathered may inform efforts to adjust regulatory obligations and advance deregulatory proposals consistent with Executive Orders 14192 and 14219. The data may support deregulatory rulemakings or guidance intended to reduce AML/CFT compliance burden without compromising effectiveness.
Responses Not Used for Enforcement
FinCEN says responses to this survey will not be used for supervisory or enforcement purposes. That means if your business provides cost information through the survey, the agency will not use those answers to supervise or penalize your firm.
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