AML and CFT Priorities for AML Systems

AML and CFT Priorities for AML Systems

Recently, the Financial Industry Regulatory Authority (FINRA) issued a notice to firms to incorporate AML and CFT priorities for AML systems in advance of new regulations and standards coming in 2022.

New Priorities Set for Companies to Incorporate New Compliance Regulations

The Financial Crimes Enforcement Network (FinCEN) issued a list on June 30th, 2021 that encompassed a large set of targeted priorities to address in the anti-money laundering and terrorism financing realm. With this new set of expectations for combatting money laundering and increasing fraud activities, companies are expected, by the new year, to incorporate new regulations to tackle the list of priorities by January 2022. These priorities are required by AML (Anti-Money Laundering) Act of 2020 and the Bank Secrecy Act (BSA).

The problem is that FinCEN released this new set of priorities, but did not outline what compliance measures to put in place to handle these issues.  This puts financial institutions and non-banking financial institutions (NBFIs) at risk for falling short under these new heightened priorities.  Click this link to read the rest of the article.

Read FINRA’s Notice on Implementing AML and CFT Priorities for AML Systems

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