FinCEN Announces National AML/CFT Policy Priorities and Also Proposes Rulemaking to Establish “No-Action Letter” Process
Attorneys Eddie Jauregui, Andres Fernandez, Brian Hayes and Jennifer Correa Riera co-authored an article for The Banking Law Journal about national priorities issued by The Financial Crimes Enforcement Network ("FinCEN") on June 30, 2021. FinCEN issued national priorities for anti-money laundering and countering the financing of terrorism policy (the "Priorities"), as required by the Anti-Money Laundering Act of 2020. FinCEN, in coordination with relevant federal and state regulators, also issued two statements—one to banks and the other to covered non-bank financial institutions—providing further guidance on the current application of the Priorities. This article reviews the Priorities and FinCEN’s key statements about them, as well as a report concluding that FinCEN should engage in rulemaking to establish a "no-action letter" process.