Compliance: FinCEN launches ‘FinCEN Exchange’

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 […]

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.

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The League of Southeastern Credit Unions & Affiliates represents 342 credit unions in Alabama, Florida and Georgia, with a combined total of $118.63 billion in assets and more than 10.1 million members. LSCU & Affiliates provides legislative and regulatory advocacy; education and training; cooperative initiatives (including financial education outreach); public messaging; information services; and business solutions.

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