Which regulatory body primarily oversees AML compliance in the United States?

The primary regulatory body overseeing Anti-Money Laundering (AML) compliance in the United States is the Financial Crimes Enforcement Network (FinCEN). FinCEN is responsible for the implementation and enforcement of AML laws and regulations. It administers the Bank Secrecy Act (BSA), which requires financial institutions to report suspicious activities and maintain certain records related to transactions that may indicate money laundering or other financial crimes.

FinCEN plays a critical role in monitoring financial transactions, analyzing data to identify potential money laundering, and collaborating with law enforcement agencies at both the national and international levels to combat financial crimes. Its authority and mandate specifically focus on preventing the misuse of the financial system for illicit purposes, making it the key agency in the AML compliance landscape in the U.S.

Other bodies mentioned have their specific roles but do not primarily oversee AML compliance. For instance, the SEC mainly regulates securities markets and protects investors, while the Federal Reserve focuses on monetary policy and banking supervision. The OFAC administers and enforces economic and trade sanctions based on U.S. foreign policy and national security goals but is not the main body for AML oversight.