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Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT): Key Resources

Regulatory Bodies

The following regulatory bodies play a crucial role in enforcing anti-money laundering laws and regulations.

Financial Crimes Enforcement Network (FinCEN)

Administers the Bank Secrecy Act (BSA)
Serves as the US Financial Intelligence Unit
Issues BSA regulations
Examines financial institutions for compliance
Pursues enforcement actions

Office of Foreign Assets Control (OFAC)

Administers and enforces economic and trade sanctions based on US foreign policy and national security goals

International Organizations

The following international organizations develop standards and promote effective implementation of AML/CFT measures.

Financial Action Task Force (FATF)

Develops standards for combating money laundering, terrorist financing, and other related threats
Promotes effective implementation of legal, regulatory, and operational measures

Basel Committee on Banking Supervision (BCBS)

Provides a forum for regular cooperation on banking supervisory matters
Addresses AML/CFT risk management and supervision issues in the banking sector

Reports and Strategies

The following reports and strategies outline efforts to combat illicit finance threats and risks.

2022 National Strategy for Combating Terrorist and Other Illicit Financing

Outlines efforts to combat illicit finance threats and risks identified in three national risk assessments

National Money Laundering Risk Assessment

Identifies money laundering threats, vulnerabilities, and risks that the US currently faces

International Narcotics Control Strategy Report

Describes efforts to attack all aspects of the international drug trade, chemical control, money laundering, and financial crimes

Reporting Terrorist Activity

The following resources provide information on reporting suspicious transactions related to terrorist activity.

FinCEN Financial Institutions Hotline (1-866-556-3974)

Voluntary reporting of suspicious transactions related to terrorist activity

U.S. Department of the Treasury’s Office of Terrorism and Financial Intelligence

Develops and implements strategies and other policies and programs to fight financial crimes as well as combat terrorist financing domestically and internationally

Resources for Compliance

The following resources provide guidance on AML/CFT compliance.

Wolfsberg Group Correspondent Banking Due Diligence Questionnaire

Provides a framework for conducting due diligence on correspondent banking relationships

Offers guidance on managing risks related to money laundering and terrorist financing in the banking sector

FDIC’s Supervisory Insights — Summer 2017 article, “The Bank Secrecy Act: A Supervisory Update”

Provides an update on the Bank Secrecy Act and its implementation by financial institutions