- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Kyle Brasseur2024-06-10T09:43:00
The Treasury Department’s Financial Crimes Enforcement Network (FinCEN) published its latest collection of Bank Secrecy Act (BSA) data, including number and type of suspicious activity reports (SARs).
The annual report from FinCEN covers fiscal year 2023 and is “intended to help stakeholders gain insight into the collection and use of [BSA] data, including FinCEN’s efforts to support law enforcement and national security agencies,” the agency said in a press release.
In FY23, FinCEN received approximately 4.6 million SARs, with more than 50 percent of that total—about 2.5 million—coming from depository institutions. Money services businesses contributed nearly 1.5 million.
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Four federal banking regulators have joined the Treasury Department’s Financial Crimes Enforcement Network in issuing a notice of proposed rulemaking that would require financial institutions to conduct more thorough risk assessments on their anti-money laundering/countering the financing of terrorism programs.
As the United States and other Western countries turn the screws on criminals, hackers, terrorist organizations, and sanctions evaders attempting to access global financial markets, financial institutions could respond by reducing their connections to risky sectors, according to Treasury Under Secretary Brian Nelson.
Financial institutions would be required to conduct more thorough risk assessments on their anti-money laundering/countering the financing of terrorism programs under a new rule proposed by the Treasury Department’s Financial Crimes Enforcement Network.
The U.K.’s Financial Conduct Authority asked banks and financial institutions “to do more” to ensure that U.K lawmakers and their families are not treated unfairly.
Jamaica and Türkiye made “significant progress” addressing deficiencies in their anti-money laundering/countering the financing of terrorism (AML/CFT) programs, warranting their removal from the Financial Action Task Force’s grey list.
Despite repeated interventions, fines, and negative publicity, money laundering is rife in U.K. financial services firms, according to Deputy Foreign Secretary Andrew Mitchell.
