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FinCEN Issues First AML, Anti-Terrorism Financing Priorities

The Financial Crimes Enforcement Network issued its first set of national anti-money laundering and anti-terrorism financing priorities, identifying corruption, cyber crime, drug trafficking and other activities that pose the biggest threats to the U.S. The priorities, issued June 30 and required by the Anti-Money Laundering Act of 2020, will be followed by a set of regulations and revisions to the Bank Secrecy Act, several U.S. agencies said in a joint statement.

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The priorities are meant to help financial institutions and other companies bolster their compliance programs, but banks will not be required to incorporate the priorities into their compliance programs until the effective date of the final regulations, according to the statement. But they “may wish to start considering how they will incorporate” the priorities, the agencies said, “such as by assessing the potential related risks associated with the products and services they offer, the customers they serve, and the geographic areas in which they operate.”

The priorities include several mentions of U.S. sanctions requirements. FinCEN stressed that “covered institutions must comply with required sanctions programs” and should be “aware” of designated terrorist organizations and trade restrictions imposed by the Commerce and State departments as part of their risk-based AML programs.