FinCEN Exchange Program Launched
On December 4th the Financial Crimes Enforcement Network (FinCEN) launched a new program to improve information sharing with financial institutions. The FinCEN Exchange program entails periodic briefings with financial institutions to exchange information related to money laundering methods and threats. At the table with financial institutions will be law enforcement and FinCEN representatives. Among the goals is to identify money laundering vulnerabilities and determine how best to combat them. The program will be voluntary. There are no new regulatory requirements associated with the program.
CLA’s financial institution regulatory compliance team assists banks and credit unions nationwide in establishing regulatory compliance programs, conducting compliance testing, and training staff on regulations. Justin Robinson is a member of CLA’s regulatory compliance team and can be reached at justin.robinson@CLAconnect.com.
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