Editor’s Note: For information on AML regulation, see here.
From: American Banker
In March, the House Committee on Financial Services announced the creation of a bipartisan Task Force to Investigate Terrorism Financing. The Task Force’s broad mandate gives it the authority to investigate all matters “relating to terrorism financing issues” within the committee’s jurisdiction. As threats proliferate, the Task Force has the opportunity to rethink how the United States combats terrorism financing and provide recommendations to improve this effort.
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Third, separate and apart from the previous recommendation, cybersecurity should play a more pronounced role in this Task Force. While one witness provided technical guidance on information sharing and security threats to the financial system, greater attention is needed. Another witness noted that fallout from financial warfare poses the “greatest vulnerability” to the U.S. financial system. This same witness recently published a monograph on cybersecurity that could be used by the Task Force. Much of the Task Force’s work focuses on the ways in which terrorists can exploit the financial system without causing harm to it. The Task Force’s expansive mandate appears to allow it to look further at the inherent vulnerabilities of the financial system to attack.
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