The passage of the Anti-Money Laundering Act of 2020 greatly advanced the anti-money laundering/combating the financing of terrorism (AML/CFT) regime in the United States. On June 30, the six-month anniversary of the act’s implementation, US Treasury’s Financial Crimes Enforcement Network (FinCEN) released its first-ever National AML/CFT Priorities.Read the paper.
FinCEN laid out eight categories that signal its priorities for the next four years:
- Cybercrime and virtual currencies
- Foreign and domestic terrorist financing
- Transnational criminal organization activity
- Drug trafficking organization activity
- Human trafficking and human smuggling
- Proliferation financing
Christopher Sidler, Walter Mix, Conor Stanhope, and Valtteri Tamminen write about key takeaways and recommended steps to incorporate into a risk-based Bank Secrecy Act/AML compliance program.