Here is the article in markdown format:
Anti-Money Laundering (AML) and Countering the Financing of Terrorism (CFT)
The fight against money laundering and terrorist financing requires a comprehensive approach that involves governments, international organizations, and financial institutions. In this article, we will explore the key resources related to AML/CFT regulations, strategies, and best practices in the US and internationally.
US Government Agencies
FinCEN
FinCEN is responsible for administering the Bank Secrecy Act (BSA) and serving as the US Financial Intelligence Unit. Its responsibilities include:
- Issuing regulations
- Conducting examinations
- Pursuing enforcement actions
Contact FinCEN at 1-866-556-3974 to report suspicious transactions related to terrorist activity.
OFAC
OFAC enforces economic and trade sanctions based on US foreign policy and national security goals. For questions about compliance with OFAC sanctions, submit a query through their user-friendly online platform.
International Organizations
Financial Action Task Force (FATF)
The FATF develops standards and promotes effective implementation of legal, regulatory, and operational measures for combating money laundering, terrorist financing, and other related threats to the integrity of the international financial system.
Basel Committee on Banking Supervision (BCBS)
The BCBS provides a forum for regular cooperation on banking supervisory matters and addresses AML/CFT risk management and supervision issues in the banking sector.
Reports and Strategies
National Strategy for Combating Terrorist and Other Illicit Financing
This national strategy outlines and assesses efforts to combat illicit finance threats and risks identified in three national risk assessments.
National Money Laundering Risk Assessment
This report identifies money laundering threats, vulnerabilities, and risks that the US currently faces.
National Terrorist Financing Risk Assessment
This report identifies terrorist financing threats, vulnerabilities, and risks that the US currently faces.
Reporting and Hotlines
- FinCEN Financial Institutions Hotline: 1-866-556-3974
- OFAC Compliance Hotline: User-friendly online platform for submitting questions about compliance with OFAC sanctions
International Organizations and Resources
United Nations Office on Drugs and Crime (UNODC)
The UNODC is responsible for carrying out the Global Program against money laundering, proceeds of crime, and the financing of terrorism.
Wolfsberg Group
The Wolfsberg Group is an association of 13 global banks that aims to develop frameworks and guidance for the management of financial crime risks.
Educational Resources
- FDIC’s Technical Assistance Video Program: Educational videos designed to provide bank directors, officers, and employees with useful information about areas of supervisory focus and regulatory changes.
- Anti-Money Laundering/Countering the Financing of Terrorism technical assistance video: An overview of BSA/AML and OFAC requirements.
This comprehensive list provides a valuable resource for individuals looking to understand AML/CFT regulations, strategies, and best practices in the US and internationally.