Bates Research, Compliance and Regulatory Alerts  |  06-30-21

FinCEN Issues First National AML/CFT Priorities

FinCEN Issues First National AML/CFT Priorities
Image © [rrodrickbeiler] /Adobe Stock

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.”

News Release: https://www.fincen.gov/news/news-releases/fincen-issues-first-national-amlcft-priorities-and-accompanying-statements

The Priorities: https://www.fincen.gov/sites/default/files/shared/AML_CFT%20Priorities%20(June%2030%2C%202021).pdf

Statement for Banks: https://www.fincen.gov/sites/default/files/shared/Statement%20for%20Banks%20(June%2030%2C%202021).pdf

Statement for Non-Bank Financial Institutionshttps://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.

About Bates:

Bates AML and Financial Crimes helps its clients meet their AML/FC obligations through experience, resources and ongoing guidance. We work within the U.S. and internationally, with a European partner firm offering artificial intelligence and AML optimization for projects. Bates is a practitioner-led firm, consisting of former Chief AML Officers and Chief Compliance Officers, former regulators and practicing attorneys, Risk Management Officers, as well as data and technology specialists, delivering exceptional results on a cost-effective basis.

Contact:

Edward Longridge, Managing Director, AML/FC Practice Leader - elongridge@batesgroup.com or 917-455-7765

Dennis Greenberg, Managing Director - dgreenberg@batesgroup.com or 914-588-3965

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