Board of Governors of the Federal Reserve System

Federal Deposit Insurance Corporation

Financial Crimes Enforcement Network

National Credit Union Administration

Office of the Comptroller of the Currency

State Bank and Credit Union Regulators

Interagency Statement on the Issuance of the Anti-Money Laundering/

Countering the Financing of Terrorism National Priorities

June 30, 2021

Page 1

The Anti-Money Laundering Act of 2020 (the “AML Act”) [Footnote 1

- The AML Act was enacted as Division F, §§ 6001-6511, of the William M. (Mac) Thornberry National Defense

Authorization Act for Fiscal Year 2021, H.R. 6395, 116th Cong. (2021) (enacted) (enrolled bill available at

https://www.govinfo.gov/content/pkg/BILLS-116hr6395enr/pdf/BILLS-116hr6395enr.pdf). End of Footnote 1.]

requires the Secretary of the

Treasury, in consultation with the Attorney General, Federal functional regulators, [Footnote 2

- 31 U.S.C. § 5318(h)(4)(A) (as amended by AML Act § 6101(b)(2)(C)) uses the term Federal functional regulator

“as defined in section 509 of the Gramm-Leach-Bliley Act (15 U.S.C. 6809)).” End of Footnote 2.]

relevant

State financial regulators, and relevant national security agencies, to establish and make

public priorities for anti-money laundering and countering the financing of terrorism policy

(AML/CFT Priorities). [Footnote 3

- 31 U.S.C. § 5318(h)(4)(A) (as amended by AML Act § 6101(b)(2)(C)). End of Footnote 3.]

Accordingly, the U.S. Department of the Treasury's Financial Crimes

Enforcement Network (FinCEN) published these first national AML/CFT Priorities today

in consultation with the parties as set out in the AML Act. As a result of this publication,

the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance

Corporation, the National Credit Union Administration, and the Office of the Comptroller of

the Currency (collectively, the “federal banking agencies” or “FBAs”), State bank and credit

union regulators, [Footnote 4

- As represented by the Federal Financial Institutions Examination Council State Liaison Committee. End of Footnote 4.]

and FinCEN are issuing this statement to provide clarity for banks [Footnote 5

- The term “bank” used here is as defined in Bank Secrecy Act regulations at 31 C.F.R. § 1010.100(d) and

includes each agent, agency, branch, or office within the United States of banks, credit unions, savings

associations, and foreign banks. End of Footnote 5.]

on

these AML/CFT Priorities.

Today's publication of the AML/CFT Priorities does not create an immediate change to

Bank Secrecy Act (BSA) requirements or supervisory expectations for banks. The AML Act 

requires that, within 180 days of the establishment of the AML/CFT Priorities, FinCEN (in

consultation with Federal functional regulators and relevant State financial regulators) shall,

as appropriate, promulgate regulations regarding the AML/CFT Priorities. [Footnote 6

- 31 U.S.C. § 5318(h)(4)(D) (as amended by AML Act § 6101(b)(2)(C)). End of Footnote 6.]

Although not

required by the AML Act, the FBAs plan to revise their BSA regulations, as necessary, to

address how the AML/CFT Priorities will be incorporated into banks' BSA requirements.
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Banks are not required to incorporate the AML/CFT Priorities into their risk-based BSA

compliance programs until the effective date of the final revised regulations. Nevertheless,

in preparation for any new requirements when those final rules are published, banks may

wish to start considering how they will incorporate the AML/CFT Priorities into their riskbased BSA compliance programs, such as by assessing the potential related risks associated

with the products and services they offer, the customers they serve, and the geographic areas

in which they operate.

Finally, the AML Act requires that the review by a bank of the AML/CFT Priorities and

the incorporation of those priorities, as appropriate, into its risk-based BSA compliance

program, be included as a measure on which a bank is supervised and examined. [Footnote 7

- 31 U.S.C. § 5318(h)(4)(E) (as amended by AML Act § 6101(b)(2)(C)). End of Footnote 7.]

This

interagency statement confirms that State bank and credit union regulator and FBA

examiners will not examine banks for the incorporation of the AML/CFT Priorities into their

risk-based BSA programs until the effective date of final revised regulations.

The FBAs, State bank and credit union regulators, and FinCEN recognize the need to

provide revised regulations and timely guidance to assist banks in complying with the BSA.

In addition, the FBAs and State bank and credit union regulators are committed to working

with FinCEN to develop any necessary corresponding guidance and examination procedures

for examiners.