- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Adrianne Appel2022-12-29T19:12:00
The Financial Crimes Enforcement Network (FinCEN) last week published an analysis of financial trends involving Russian oligarchs and how U.S. financial institutions have aided in the identification of more than $30 billion worth of sanctioned Russians’ assets.
U.S. financial institutions are required to flag suspicious financial activity by filing Bank Secrecy Act (BSA) reports to the Treasury Department. Reports involving Russian dirty money have been investigated by the Russian Elites, Proxies, and Oligarchs (REPO) Task Force, led by the Treasury and Department of Justice.
Russia invaded Ukraine on Feb. 24. Between March and June, FinCEN issued three alerts to financial institutions urging them to report any attempt by wealthy Russians to shield their money from sanctions by hiding it in U.S. banks or converting it to virtual currency.
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Analysis of suspicious activity reports by the Financial Crimes Enforcement Network indicates nearly $1 billion in suspicious activity in cases of suspected evasion of Russia-related export controls.
Good suspicious activity reports make it easier for financial intelligence units to prioritize and process investigations, enabling better results in the global fight against financial crime.
The Department of Justice’s charges against a U.K. businessman and his Russian partner for evading U.S. sanctions against a Russian oligarch provide insight into how the use of shell companies, third parties, and other methods can thwart the compliance efforts of financial institutions.
Swedish telecommunications giant Ericsson announced the conclusion of the independent compliance monitorship imposed on the company following its 2019 settlement for violations of the Foreign Corrupt Practices Act.
Former Albemarle CCO Andrew McBride explained at Compliance Week’s 2024 National Conference how he led the company’s compliance department to remediate the issues that led to apparent FCPA violations and how the team used data analytics to assess risks and implement compliance solutions.
Swedish telecommunications company Ericsson announced its independent monitor appointed by the Department of Justice certified its compliance program satisfies the requirements ordered by the U.S. agency following its 2019 Foreign Corrupt Practices Act settlement.
