- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Aaron Nicodemus2024-02-27T19:01:00
The head of the Treasury Department’s Financial Crimes Enforcement Network (FinCEN) said recent enforcement actions by the agency have addressed significant gaps in the U.S. anti-money laundering/countering the financing of terrorism (AML/CFT) regime and exposed specific risk factors, trends, and typologies.
In a speech delivered Thursday during the Puerto Rican Symposium of AML, FinCEN Director Andrea Gacki said the agency has sought to drive compliance through enforcement. She noted FinCEN has been increasingly active lately.
“This is consistent with recent efforts across various workstreams to increase enforcement by strategically deploying our resources,” said Gacki, who took over as FinCEN director in July.
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The Treasury Department announced its success using artificial intelligence to track down instances of check fraud—a potential preview of the results that might come if the agency applies AI in other enforcement-related circumstances.
The Financial Crimes Enforcement Network will focus its attention regarding compliance with its new beneficial ownership reporting requirements on education and outreach during the first year of implementation, although “willful violations” will still merit punishment.
Andrea Gacki, the new director at the Financial Crimes Enforcement Network, said the agency is working to issue a notice of proposed rulemaking regarding the establishment of an anti-money laundering and sanctions whistleblower program.
TikTok is suspending new features amid an inquiry by the European Commission into its compliance with the Digital Services Act, all while responding to a U.S. ban just signed into law.
The Czech Republic’s data protection authority issued a fine of 351 million Czech koruna (U.S. $15 million) against antivirus software vendor Avast for alleged violations of the General Data Protection Regulation.
Consolidated Nuclear Security agreed to pay $18.4 million to settle alleged False Claims Act violations regarding the submission of timecards for unworked hours to the National Nuclear Security Administration.
