Notices to Members

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Notice I-21-24

July 19, 2021

FCM and IB Members—FinCEN issues first national AML/CFT Priorities

On June 30, 2021, the Financial Crimes Enforcement Network (FinCEN), in consultation with other relevant government offices, regulators, law enforcement and national security agencies, issued national AML/CFT priorities (Priorities), as required by the Anti-Money Laundering Act of 2020 (AML Act). Additional information regarding the Priorities can be found on FinCEN's website.

These Priorities do not immediately impose new Bank Secrecy Act (BSA) requirements or supervisory expectations for FCMs and IBs. However, the AML Act requires FinCEN to promulgate regulations regarding the Priorities within 180 days of their establishment and requires FCMs and IBs to be supervised and examined based on the Priorities. Therefore, while FCMs and IBs are not yet required to incorporate the Priorities into their risk-based AML programs, they may wish to start considering how they will do so.

FinCEN, in consultation with several agencies including the SEC and CFTC, also issued a statement for all non-bank financial institutions including FCMs and IBs to provide clarity as to how these Priorities will impact AML program requirements. The statement notes that FinCEN recognizes the need for revised regulations and timely guidance to assist FCMs and IBs in complying with the BSA. The statement further acknowledges FinCEN's commitment to working with relevant stakeholders to develop and publish timely guidance and corresponding procedures for examiners. NFA will continue to monitor and provide timely information regarding further developments in this area.

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