Which Federal agencies maintain responsibility for regulatory oversight and enforcement of the key anti-money laundering laws?
The Secretary of the Treasury (the “Secretary”) is the primary Federal regulator charged with enforcing the key federal anti-money laundering laws. In 2003, the Secretary established a new internal office, the Executive Office for Terrorist Financing and Financial Crime (“EOTF/FC”), headed by a Deputy Assistant Secretary. The EOTF/FC oversees the operation of the Financial Crimes Enforcement Network (“FinCEN”), a Treasury bureau which, among other duties, develops BSA regulations and guidance, analyzes currency transaction reports and suspicious activity reports filed by financial institutions, and interacts with local, state, Federal, and international law enforcement as well as other financial intelligence units around the world. The EOTF/FC also oversees the Office of Financial Asset Control (“OFAC”) which, among other duties, is primarily responsible for identifying countries, terrorists and drug traffickers subject to sanction under U.S. law, and administering the statutory regime
Related Questions
- Which Federal agencies maintain responsibility for regulatory oversight and enforcement of the key anti-money laundering laws?
- Is the recovery plan part of the Services’ other regulatory activities, such as section 7 consultations with Federal agencies?
- Who are the key regulatory agencies that enforce laws relating to Direct Marketing?
