United States: Corruption, Cybercrime Top List of U.S. Anti-Money-Laundering Concerns

The U.S. Treasury Department on Wednesday issued a wide-ranging set of national anti-money-laundering priorities, naming corruption and cybercrime among the areas where financial institutions should focus their compliance resources.

The list is the first created by the Treasury’s Financial Crimes Enforcement Network, or FinCEN, following a major overhaul of U.S. anti-money-laundering laws in January. Legislation passed by Congress required FinCEN to develop a national strategy for countering money laundering and terrorism financing and to issue a list of priorities every four years.

Financial industry groups had advocated making the prioritization effort a part of the anti-money-laundering act, hoping it would enable their members to more efficiently allocate their compliance resources. A survey by LexisNexis Risk Solutions estimated the projected total cost of financial crime compliance globally would be nearly $214 billion this year. FinCEN receives about 3 million suspicious activity reports annually, according to the agency.

The Bank Policy Institute said in a statement that the industry group welcomed the publication of the priorities.

“Plenty of work remains to turn these priorities into rules around implementing these priorities into AML programs, but we look forward to engaging with FinCEN and consider the announcement an encouraging first step,” said Angelena Bradfield, a senior vice president for the Bank Policy Institute.

The original full article can be found at wsj.com

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