FinCEN Lists Corruption, Fraud, Six Other Crimes as National AML Priorities

By Valentina Pasquali

The Treasury Department's Financial Crimes Enforcement Network on Wednesday published a list of eight crimes whose proceeds pose the highest threat to the U.S. financial system as mandated by an anti-money laundering reform law enacted at the start of the year. Banks and other AML-regulated institutions should prioritize finding and flagging payments linked to corruption, cybercrime, terrorist financing, fraud, transnational organized crime, drug trafficking, human trafficking and smuggling, and the financing of weapons of mass destruction, FinCEN advised Wednesday. But they should delay regearing their compliance programs to reflect those priorities until state and federal regulators, including the Office of...