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FinCEN Launches 'FinCEN Exchange' to Enhance Public-Private Information Sharing
Friday, December 8, 2017 6:45 AM

FinCEN Seeks to Strengthen Public-Private Partnership to Combat Financial Crime

The United States Department of the Treasury’s Financial Crimes Enforcement Network launched the FinCEN Exchange program on Monday to enhance information sharing with financial institutions.

As part of this program and in close coordination with law enforcement, FinCEN will convene regular briefings with financial institutions to exchange information on priority illicit finance threats, including targeted information and broader typologies. This will enable financial institutions to better identify risks and focus on high-priority issues, and it will help FinCEN and law enforcement receive critical information in support of their 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,” said Sigal P. Mandelker, Treasury undersecretary for terrorism and financial intelligence. “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 FinCEN Exchange is strictly voluntary, and the program does not introduce any new regulatory requirements. It also does not replace or otherwise affect existing mechanisms by which law enforcement engages directly with the financial industry. It is part of Treasury’s broader objective of strengthening the anti-money laundering framework by encouraging, enabling, and acknowledging more regular industry focus on high-value and high-impact activities. Operational briefings under the FinCEN Exchange program will begin in the coming weeks.