The Treasury’s Financial Crimes Enforcement Network (FinCEN) launched a new program last week, FinCEN Exchange, in an effort to enhance information sharing between law enforcement and financial institutions.
Credit union participation in the program is voluntary, and the program does not introduce any new regulatory requirements.
As part of this program, FinCEN will convene regular briefings with financial institutions to exchange information on “priority illicit finance” and national security threats to:
Enable financial institutions to better identify Bank Secrecy Act/Anti-Money Laundering (BSA/AML) risks and focus on high priority issues; and
Help FinCEN and law enforcement receive critical information to disrupt money laundering and other financial crimes.
In addition, FinCEN encourages financial institutions to voluntarily share information with other FinCEN Exchange participants of the USA PATRIOT Act.
Operational briefings under the FinCEN Exchange program are expected to begin in the coming weeks. Read more here.