‘FinCEN Exchange’ Launched

FinCen logo

The Financial Crimes Enforcement Network (FinCEN) launched the FinCEN Exchange program in an effort to enhance information sharing between law enforcement and financial institutions. 

As part of this program, FinCEN will convene regular briefings with financial institutions to exchange information on "priority illicit finance" and national security threats to: 

  • Enable financial institutions to better identify Bank Secrecy Act/Anti-Money Laundering (BSA/AML) risks and focus on high priority issues
  • Help FinCEN and law enforcement receive critical information to disrupt money laundering and other financial crimes

Credit union participation in FinCEN Exchange is strictly voluntary, and the program does not introduce any new regulatory requirements. 

In addition, FinCEN encourages financial institutions to voluntarily share information with other FinCEN Exchange participants (as well as other financial institutions or associations of financial institutions) under to Section 314(b) of the USA PATRIOT Act.

Operational briefings under the new program will begin in the coming weeks. Click here for the press release.

Source: CUNA Blog

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