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AFC Briefing: 2022 NTFRA

In this briefing paper, we summarize the
U.S. Treasury Department’s 2022 National Terrorist Financing Assessment (NTFRA) and highlight areas of consideration for financial institutions.

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    Summary

    The U.S. Treasury Department released the 2022 National Terrorist Financing Risk Assessment (NTFRA) on March 1, 2022. The risk assessment focused on the Islamic State, Al Qaida, Hizballah, and domestic violent extremists (DVEs). 

     

    Financial institutions, including money service businesses, play an essential role in combatting the financing of terrorism. In this briefing paper, we summarize the key themes from the NTFRA, and explain the actions financial institutions can take to identify, and act upon, terrorist financing risks in their organization.
     

    Key Themes

     

    Reading this paper will help AFC professionals to:

    Understand the key takeaways from the 2022 NTFRA
    Identify terrorist financing vulnerabilities in the US financial system
    Understand the threats posed by the terrorist organizations included in the report
    Take action to combat the financing of terrorism

    Intended Audience

    This paper is intended for anyone working in financial crime prevention, including:

    • Bank Secrecy Act Officers (BSAO)
    • Money Laundering Reporting Officers (MLRO)
    • Crypto Compliance Officers
    • Senior Management and Board of Directors
    • The Law Enforcement/Government/Intelligence Community
    • Financial Crime Investigators
    • Transaction Monitoring Specialists

     

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    Industry Sectors

    Industry sectors affected by the issues raised in this paper include:

    • Financial institutions, including FinTech and money service businesses (MSBs)
    • Crypto firms
    • Regulated entities
    • Independent audit firms
    • Consultancies