Getting Your AML/CFT Priorities Aligned
On June 30, 2021, the joint agencies published its first list of national AML/CFT Priorities as set forth by the Anti-Money Laundering Act of 2020 (the “AML Act”) which requires the Secretary of the Treasury, in consultation with the Attorney General, Federal functional regulators, relevant State financial regulators, and relevant national security agencies, to establish and make public priorities for anti-money laundering and countering the financing of terrorism policy (AML/CFT Priorities).
To assist the banking industry, the federal banking agencies (FBAs) issued a statement to clarify these priorities. The statement does not create an immediate change to Bank Secrecy Act (BSA) requirements or supervisory expectations for financial institutions. The AML Act requires that, within 180 days of the establishment of the AML/CFT Priorities, FinCEN must promulgate regulations regarding the AML/CFT Priorities.