FinCEN issued the first government-wide priorities for anti-money laundering and countering the financing of terrorism policy Wednesday. The priorities identify and describe the most significant AML/CFT threats currently facing the United States.

CUNA filed comments Friday with FinCEN and NCUA regarding the use of the Model Risk Management Guidance for BSA/AML compliance. NCUA has not adopted the guidance to date, so it does not explicitly apply to federally insured credit unions.

FinCEN is soliciting public comment on questions pertinent to the implementation of the Corporate Transparency Act, enacted into law as part of the National Defense Authorization Act for Fiscal Year 2021 Jan. 1. Comments are due by May 5. 

FinCEN Director Kenneth A. Blanco Friday announced several leadership changes impacting the bureau. Blanco announced he will depart FinCEN on April 9, after serving as the organization’s director since December 2017.

The Financial Crimes Enforcement Network (FinCEN) extended the comment period for its recent convertible virtual currency (CVC) proposal as requested by CUNA and other commenters. The proposal was initially issued Dec. 23 with a 15-day comment period.

FinCEN's proposal on convertible virtual currency transactions does not provide sufficient justification or a proper notice-and-comment period, CUNA wrote Monday. It seeks to address certain AML threats posed by certain convertible virtual currency and legal tender status digital asset transactions.

Credit unions can be key players in identifying suspected trafficking and aiding survivors.