On July 21, 2026, FinCEN Director Andrea Gacki testified before the United States House of Representatives Committee on Financial Services. Gacki provided an update on FinCEN’s work to combat fraud schemes and its efforts to modernize the Bank Secrecy Act (BSA) regime to address illicit finance threats.
In her statement, Gacki outlined FinCEN’s efforts to modernize the BSA/AML framework while ensuring that financial institutions focus their resources on information that is most valuable to law enforcement. Key initiatives include:
SAR reporting. FinCEN’s SAR FAQs clarify reporting obligations and are intended to help institutions focus on providing law enforcement with the most relevant information.
AML/CFT program reform. A proposed rule would shift the focus from technical compliance to the effectiveness of risk-based, reasonably designed AML/CFT programs and would give FinCEN a greater role in promoting consistency in supervisory evaluations.
Stablecoin oversight. FinCEN has proposed AML and customer identification program requirements for permitted payment stablecoin issuers (PPSIs) under the GENIUS Act, with the goal of supporting law enforcement while minimizing unnecessary regulatory burdens.
Gacki also highlighted FinCEN’s efforts to fully implement its whistleblower program, including a proposed rule outlining eligibility and award procedures. Once the final rule is issued, FinCEN expects to begin processing and paying awards for qualifying tips that lead to successful enforcement actions.
Director Gacki’s full statement can be found here.