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Monday, February 6th, 2023

Financial Crimes Enforcement Network launches program to enhance information sharing with financial institutions

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The United States Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) launched a program this week to improve information sharing with financial institutions.

The FinCEN Exchange program will include regular briefings with financial institutions to share information on priority illicit finance threats. Through these briefings, FinCEN aims to support financial institutions in identifying risks and focusing on high priority issues as well as obtain information that will support 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,” Treasury Under Secretary for Terrorism and Financial Intelligence Sigal P. Mandelker said. “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 the program is voluntary and will not replace or otherwise affect existing methods law enforcement uses to engage directly with the financial industry

FinCEN plans to begin operational briefings under the FinCEN Exchange program in the coming weeks.