- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Aaron Nicodemus2020-09-24T19:40:00
The “FinCEN Files” report raises the question: What should banks be doing to address the trillions of dollars’ worth of banking transactions that are facilitating criminal activity every year?
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Natalie Mayflower Sours Edwards, a former senior advisor at FinCEN who provided 2,100 SARs to BuzzFeed News that would form the basis of 2020’s “FinCEN Files” investigation, was sentenced to six months in prison.
Many compliance professionals in the financial industry believe last year’s leak of 2,100 suspicious activity reports from FinCEN had an overall positive impact on global efforts to fight financial crime, according to an ACAMS survey.
Capital One will pay a $390 million civil penalty for compliance failures regarding banking services offered to its check cashing group, which—according to FinCEN—had a reputation for money-laundering risks.
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.
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.
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.
