On June 30, the Financial Crimes Enforcement Network (FinCEN), in consultation with many other federal and state regulators, issued the first ever government-wide list of anti-money laundering (AML) and countering the financing of terrorism (CFT) priorities (the “Priorities”). The Priorities identify and describe the most significant AML/CFT threats currently facing the United States and are intended to assist financial institutions with prioritizing their AML resources and better managing their AML risks.
The Priorities are: Corruption, Cybercrime, including Relevant Cybersecurity and Virtual Currency Considerations, Terrorist Financing, Fraud, Transnational Criminal Organization Activity, Drug Trafficking Organization Activity, Human Trafficking and Human Smuggling, and Proliferation Financing. The guidance provides an in-depth analysis of each Priority, which AML officers should consider when performing their risk assessments and allocating resources. FinCEN also stated that it will “issue regulations at a later date that will specify how financial institutions should incorporate these Priorities into their risk-based AML programs”. You can access the guidance here.