Bates Research, Compliance and Regulatory Alerts | 06-30-21
FinCEN Issues First National AML/CFT Priorities
The Financial Crimes Enforcement Network (FinCEN) today issued the first government-wide priorities for anti-money laundering and countering the financing of terrorism (AML/CFT) policy (the “Priorities”).
The Priorities identify and describe the most significant AML/CFT threats currently facing the United States, including “in no particular order: (1) corruption; (2) cybercrime, including relevant cybersecurity and virtual currency considerations; (3) foreign and domestic terrorist financing; (4) fraud; (5) transnational criminal organization activity; (6) drug trafficking organization activity; (7) human trafficking and human smuggling; and (8) proliferation financing.”
FinCEN today also issued two statements, in coordination with other regulators, to provide guidance to certain covered financial institutions on the applicability of the Priorities at this time, before regulations are promulgated. “Today’s publication of the Priorities, and accompanying AML/CFT Priorities Statements, are issued pursuant to the Anti-Money Laundering Act of 2020,” said FinCEN, “and are intended to assist covered institutions in their AML/CFT efforts and enable those institutions to prioritize the use of their compliance resources.”
Statement for Non-Bank Financial Institutions: https://www.fincen.gov/sites/default/files/shared/Statement%20for%20Non-Bank%20Financial%20Institutions%20(June%2030%2C%202021).pdf
Additional information on FinCEN’s ongoing efforts related to the Anti-Money Laundering Act of 2020 can be found at a dedicated page on FinCEN’s website: https://www.fincen.gov/anti-money-laundering-act-2020
Stay tuned for Bates Group’s analysis on these important AML Developments and what they will mean for your firm and clients.
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