Compliance: FinCEN, banking agencies encourage AML innovation

The Treasury’s Financial Crimes Enforcement Network (FinCEN) and its regulatory partners issued a joint statement last week to encourage credit unions and other financial institutions to take innovative approached to combat money laundering and other illicit financial threats.

The joint statement, issued by federal financial regulators including NCUA, recognizes that private sector innovation, including new ways of using existing tools or adopting new technologies, can help financial institutions identify and report money laundering, terrorist financing, and other illicit financial activity by enhancing the effectiveness and efficiency of Bank Secrecy Act/Anti-Money Laundering (BSA/AML) compliance programs.

Accordingly, it the joint statement encourages financial institutions to consider, evaluate and, where appropriate, responsibly implement innovative approaches in this area. The joint statement also makes clear that regulators are committed to continued engagement with the private sector on this issue.


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