The Financial Industry Regulatory Authority is encouraging member firms to review the new anti-money laundering and countering the financing of terrorism priorities that were mandated by Congress.
FINRA issued a regulatory notice to inform firms of the government-wide priorities, which were issued in June by FinCEN, the U.S Treasury’s Financial Crimes Enforcement Network. They were required as part of the Anti-Money Laundering Act of 2020 that amended the Bank Secrecy Act. and are intended to help financial institutions meet their obligations to counter money laundering and terrorist financing. The AML/CFT Priorities focus on threats to the U.S. financial system and national security.
FINRA is advising firms to consider how to incorporate these priorities into their risk-based anti-money laundering compliance programs. The authority said firms may also want to begin considering any potential technological changes that may be needed to incorporate the priorities, including updates to the technology that they use to monitor and investigate suspicious activity.
Under FINRA Rule 3310, every member firm is required to implement a written anti-money laundering program designed to achieve compliance with the requirements of the Bank Secrecy Act and the implementing of regulations promulgated thereunder by the Department of the Treasury.
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