The Financial Crimes Enforcement Network (FinCEN) tipped its hand at big changes ahead in announcing the first government-wide list of priorities for anti-money laundering and countering the financing of terrorism (AML/CFT).
The guidance shared Wednesday comes pursuant to the Anti-Money Laundering Act of 2020 passed as part of the country’s 2021 defense spending bill that survived a veto attempt by former President Donald Trump. The announcement of the priorities requires no immediate action, but FinCEN suggested financial institutions begin preparing for changes to the Bank Secrecy Act (BSA) that are expected to be announced by the end of this year.
