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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”), following consultation with other relevant Department of the Treasury offices, as well as Federal and State regulators, law enforcement, and national security agencies.  The Priorities identify and describe the most significant AML/CFT threats currently facing the United States.  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 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

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