In “Corruption, Cybercrime Top List of U.S. Anti-Money-Laundering Concerns” (30 June 2021, The Wall Street Journal), Chip Poncy, global co-head of K2 Integrity’s Financial Crimes Risk Management practice, discussed the list of national anti-money laundering priorities recently issued by the U.S. Treasury Department's Financial Crimes Enforcement Network (FinCEN). Chip noted that the priorities as outlined by FinCEN were not surprising, but hopefully will fuel an extended dialogue on what is needed to make the United States’ anti-money laundering safeguards more effective.
A key pain point for financial institutions is identifying and reconciling incomplete, potentially inaccurate, or out-of-date information, or unusual activity or a potential name match, to determine whether there may be something suspicious or illegal happening—and then whether any such suspicious activity is tied directly to a particular priority threat. However, there are opportunities to innovate and make a more effective and sustainable counter-illicit finance regime.
Read the full article in The Wall Street Journal (registration may be required).