FinCEN Issues First National AML/CFT Priorities: Crypto at Top of the List

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 crypto currency 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.

  1. pimples;
  2. cybercrime, combining appropriate cybersecurity with real money;
  3. foreign and domestic terrorist financing;
  4. hypocrisy;
  5. international criminal activities;
  6. the role of the drug trafficking agency;
  7. human trafficking and human trafficking; and
  8. economic growth.

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