HomePublicationsNewsletter ArchiveNewslettersVolume 23Issue 39FINCEN LAUNCHES “FINCEN EXCHANGE” TO ENHANCE PUBLIC-PRIVATE INFORMATION SHARING

The United States Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) launched a new “FinCEN Exchange” program this week to enhance information sharing with financial institutions, including casinos.  As part of this program, FinCEN, in close coordination with law enforcement, will convene regular briefings to exchange information on priority illicit finance threats, including targeted information and broader typologies.  This will enable financial institutions to better identify risks and focus on high priority issues, and will help FinCEN and law enforcement receive critical information in support of their efforts to disrupt money laundering and other financial crimes.

“Strong public-private partnerships and two-way information sharing is a crucial component of our efforts to combat the sophisticated money laundering methods and evolving threats we face today,” said Sigal P. Mandelker, Treasury Under Secretary for Terrorism and Financial Intelligence.  “FinCEN Exchange will bring together law enforcement, FinCEN, and different types of financial institutions from across the country to share information that can help identify vulnerabilities and disrupt terrorist financing, proliferation financing and other financial crimes.”

Private sector participation in FinCEN Exchange is strictly voluntary, and the program does not introduce any new regulatory requirements.  It also does not replace or otherwise affect existing mechanisms by which law enforcement engages directly with the financial industry.  It is part of Treasury’s broader objective of strengthening the anti-money laundering framework by encouraging, enabling, and acknowledging more regular industry focus on high-value and high-impact activities.  Operational briefings under the FinCEN Exchange program will begin in the coming weeks.

Law enforcement relies on the financial industry to report important data to fight financial crime through mechanisms such as Suspicious Activity Reports (SARs) and Currency Transaction Reports (CTRs).  The government, in turn, provides feedback to the private sector, including through FinCEN Advisories, SAR Statistics, briefings, and other forms of information to guide and encourage industry efforts.  With the FinCEN Exchange program, the government will now be convening more regularly scheduled and as-needed operational briefings across the nation with law enforcement, FinCEN, and financial institutions to exchange information on priority illicit finance and national security threats.  In consultation with law enforcement, FinCEN will invite financial institutions to participate based on a variety of factors, including whether they may possess information relevant to a particular topic. 

 

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