Does your financial services organization have effective anti-corruption policies in place?
The Anti-Money Laundering Act of 2020 required the Financial Crimes Enforcement Network (FinCEN) to provide a list of national priorities for addressing anti-money laundering (AML) and countering the financing of terrorism. In June 2021, FinCEN issued an update of its progress, "Anti-Money Laundering and Countering the Financing of Terrorism National Priorities."
As one of its eight priorities, FinCEN identified corruption as a major threat to the U.S. financial system. Given the importance that FinCEN places on corruption, financial services organizations would benefit from taking steps to strengthen and refine their ability to identify potential corrupt proceeds flowing through their accounts. Following are questions financial services organizations can ask as they work to identify and mitigate the risks of corruption.