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The Financial Crimes Enforcement Network (FinCEN) has launched a new program aimed at enhancing public-private information sharing to help financial institutions better identify risks. FinCEN Exchange, part of the Treasury Department's objective to strengthen its anti-money laundering framework, is a voluntary program with no new regulatory requirements.

FinCEN is a bureau of the Treasury Department that combats money laundering, terrorist financing and other financial crimes through the Bank Secrecy Act and other statutes. It requires financial institutions to file Suspicious Activity Reports (SARs) and Currency Transaction Reports (CTRs) in order to help law enforcement fight financial crime.

FinCEN, in its release announcing the new program, said FinCEN Exchange will build on the successes the bureau has achieved from its special briefings and SAR filings.

"Information provided after the briefings by financial institutions through SARs has helped the public sector map out and target weapons proliferators, sophisticated global money laundering operations, human trafficking and smuggling rings, corruption and trade-based money laundering networks, among other illicit actors," the release states. "The briefings also have proved useful to financial institutions, helping them focus on specific priorities and better identify risks."

While FinCEN Exchange won't replace any of the current channels law enforcement use to interact with the financial industry, it will hold more regularly scheduled meetings and as-needed operational briefings to exchange information on important – and potentially illegal – finance threats.

NAFCU Regulatory Paralegal Shari Pogach details the new program in a new Compliance Blog post published yesterday.