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:

  • Corruption
  • Cybercrime and virtual currencies
  • Foreign and domestic terrorist financing
  • Fraud
  • 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.