On June 30, 2021, the Financial Crimes Enforcement Network (‘FinCEN’) issued its first government wide priorities for countering financial crime and terrorist financing (the ‘Priorities’) pursuant to the Anti-Money Laundering Act of 2020 (the ‘AML Act’). Subsequently, FinCEN will provide [within 180 days] specific regulations regarding how banks and non-banking financial institutions subject to the Bank Secrecy Act (‘BSA’) should incorporate the Priorities into their risk-based AML compliance programs.

The Priorities are: (1) corruption; (2) cybercrime, including relevant cybersecurity and virtual currency considerations; (3) foreign and domestic terrorist financing; (4) fraud; (5) transnational criminal organization activity; (6) drug trafficking organization activity; (7) human trafficking and human smuggling; and (8) proliferation financing.

This paper details the Priorities and offers guidance as to how financial institutions can consider the Priorities as implementing regulations are promulgated in the coming months.