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On June 30, FinCEN released its first-ever Anti-Money Laundering and Terrorist Financing Policy Priorities List (AML / CFT). These Priorities are intended to help financial institutions in their efforts to meet their AML / CFT obligations. The revised final regulations are expected to be published within the next 180 days, as required by the 2020 Anti-Money Laundering Law (AML Law). Most notable in the FinCEN list were that:
The new priorities explicitly include the use of cryptocurrency. A cryptocurrency (or cryptocurrency) is a digital asset for BC / TF and ransomware payments Banks are not required to incorporate AML / CFT priorities into their risk-based BSA compliance programs. until the date of entry into force of the final revised regulations.Nevertheless, in view of any new requirements when publishing these final rules, banks may wish to start thinking about how they will integrate the priorities
The full list of priorities is listed, in no particular order, below: While virtual assets are only listed in the second bullet point, cryptocurrency hits each of the eight priorities highlighted by FinCEN.
Corruption; cybercrime, including relevant cybersecurity and virtual currency considerations; financing of foreign and domestic terrorism; fraud; transnational criminal organization activity; drug trafficking organization activity; trafficking in human beings and trafficking in human beings; and financing of proliferation.
The full press release is available here: https://www.fincen.gov/news/news-releases/fincen-issues-first-national-amlcft-priorities-and-accompanying-statements
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