On June 30, FinCEN released their first list of anti-money laundering and anti-terrorism policies (AML / CFT). This Essentials aims to assist financial institutions to fulfill their AML / CFT responsibilities. The final revised rules are set to be released within the next 180 days, in accordance with the Anti-Money Laundering Act 2020 (AML Act). The most popular ones on the FinCEN list were:
- New requirements include use Cryptocurrency (or crypto currency) is a digital asset … More for ML / TF and ransomware payments
- Banks should not incorporate AML / CFT Essentials in their BSA risk-based programs until the deadline for final revised rules.
- However, in preparing for any new requirements once the final rules have been published, banks may want to begin thinking about how to incorporate the most important ones.
A list of the most important items is listed, regardless of the order, below: Although the actual items are listed in the second point, cryptocurrency affects each of the eight requirements that FinCEN has reviewed.
- cybercrime, combining appropriate cybersecurity with real money;
- foreign and domestic terrorist financing;
- international criminal activities;
- the role of the drug trafficking agency;
- human trafficking and human trafficking; and
- economic growth.
The full story is available here: https://www.fincen.gov/news/news-releases/fincen-issues-first-national-amlcft-priorities-and-accompanying-statements
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