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December 05, 2017 at 02:44 AM
The Treasury Department’s Financial Crimes Enforcement Network (FinCEN) launched the FinCEN Exchange program Monday to enhance information sharing with financial institutions.
FinCEN said it will work in “close coordination” with law enforcement and convene regular briefings with financial institutions “to exchange information on priority illicit finance threats, including targeted information and broader typologies.”
The Exchange is part of Treasury’s broader objective to strengthen the anti-money laundering framework. Operational briefings under the FinCEN Exchange program will begin in the coming weeks.
Through the Exchange, financial institutions will be able 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.”
Sigal P. Mandelker, Treasury undersecretary for terrorism and financial intelligence, said in announcing the Exchange that “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.”
