A draft regulation instructing U.S. financial institutions how to incorporate eight national priorities against illicit finance into their compliance programs has cleared the White House, paving the way for its introduction.
U.S. financial institutions will for the first time have to tailor their compliance programs to account for the unique illicit finance-related risks they face and allocate their resources accordingly if a federal plan pitched Friday takes effect as currently written.
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.
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