The US Financial Crimes Enforcement Network (FinCEN) has issued its first government-wide AML/CFT priorities after consultation with other relevant departments and agencies. The priorities highlight the most significant AML/CFT threats that the US is facing right now. These include corruption, fraud, terrorist financing, cybercrime, transnational criminal organizations, drug trafficking organizations, human trafficking and smuggling, etc. FinCEN has also issued two documents guiding stakeholders on how to approach these priorities.
The priorities document covers various institutions such as financial institutions, casinos, depository institutions, insurance firms, money services businesses, mortgage brokers, precious metals and jewelry businesses and securities and futures. The aim of the priorities document is to help these institutions in their AML/CFT efforts and guide them on how to prioritize the use of their compliance resources. The document discusses the current risk trends for the covered institutions and how these institutions can manage these risks with the help of informational resources.
FinCEN has stated that it will update the priorities document to keep up with changing AML/CFT risk trends at least once every four years. The authority has not asked the covered institutions to immediately make any amends to their risk-based AML/CFT programs based on the priorities document. FinCEN will provide specific guidance on any requisite changes in the forthcoming months. However, the authority has still suggested that the covered institutions begin to look at ways to incorporate the AML/CFT priorities into their current risk-based AML/CFT programs.
Source: FinCEN, USA