Treasury Issues 2022 AML/CFT Strategy
In its "2022 National Strategy for Combating Terrorist and Other Illicit Financing," Treasury prioritized closing regulatory and legal gaps in the AML/CFT regime and the use of new technology to increase the efficiency and effectiveness of its efforts.
In the Strategy, Treasury identified the following four priorities:
- close the regulatory and legal gaps in the AML/CFT regime by (i) increasing the transparency involving "company formation and non-financed real estate transactions," (ii) rectifying the "uneven application of AML/CFT measures to certain non-bank financial institutions" and (iii) updating the regulatory requirements pertaining to virtual asset activities;
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make the AML/CFT framework for financial institutions more efficient by "optimizing reporting requirements and applicable thresholds" to provide law enforcement with more "actionable information" in order to better detect illicit finance activity;
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enhance communication between law enforcement and other U.S. government agencies by "regularly updating and communicating key illicit finance threats and risks"; and
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utilize technological innovation to aid the development of "trustworthy digital identity solutions" and continue to use artificial intelligence in detecting illicit finance.