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Interagency Statement on the Issuance of the Anti-Money Laundering/Countering the Financing of Terrorism National Priorities

BSA/AML, OFAC and Fraud
June 30, 2021

Summary:

The FDIC, the Board of Governors of the Federal Reserve System, the National Credit Union Administration, the Office of the Comptroller of the Currency, State bank and credit union regulators, and the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) are issuing a statement to provide clarity regarding the Anti-Money Laundering/Countering the Financing of Terrorism (AML/CFT) national Priorities implementation. The publication of the AML/CFT national Priorities does not create an immediate change to Bank Secrecy Act (BSA) requirements for banks.

Statement of Applicability: This Financial Institution Letter (FIL) applies to FDIC-supervised institutions.

Highlights:

  • The Anti-Money Laundering Act of 2020 (AML Act) requires the Secretary of the Treasury to establish and make public AML/CFT national priorities (the “Priorities”).
  • The AML Act requires that within 180 days of the establishment of the AML/CFT Priorities, FinCEN shall, as appropriate, promulgate regulations regarding the AML/CFT Priorities.
  • FinCEN published these Priorities on June 30, 2021.
  • The publication of the Priorities does not create an immediate change to BSA requirements for banks.
  • Although not required by the AML Act, the federal banking agencies plan to amend their BSA compliance program rules, as necessary, to incorporate the AML/CFT Priorities.
  • This statement confirms that examiners will not examine banks for the incorporation of the AML/CFT Priorities into their risk-based BSA programs until the effective date of final revised regulations.

Distribution:

FDIC-Supervised Institutions

Suggested Routing:

Chief Executive Officer
BSA Compliance Officer

Additional Related Topics:

  • Anti-Money Laundering/Countering the Financing of Terrorism National Priorities
Attachment(s)

Last Updated: June 30, 2021