- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Aaron Nicodemus2022-03-09T20:10:00
President Joe Biden has ordered federal regulators to study the risks and potential benefits of digital assets and their underlying technology while encouraging the Federal Reserve to continue evaluating the creation of a federally backed digital currency.
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A new U.S. Treasury report concluded that decentralized finance services are being used by bad actors to launder the proceeds of illegal activity, aided by crypto platforms weak or non-existent in anti-money laundering and sanctions compliance programs.
Michael Barr, a professor and former top official at the Treasury Department, was confirmed by the Senate as vice chair for supervision at the Federal Reserve.
Regulation and guidance from U.S. agencies and the White House, plus compliance challenges stemming from a two-year global pandemic and Russia’s ongoing invasion of Ukraine, made the first quarter of 2022 a novel risk environment for regulated businesses.
Financial institutions holding Russian sovereign assets that have not reported them to the Treasury Department’s Office of Foreign Assets Control are now required to do so by Aug. 2.
Compliance officers should take note of proposed laws in the U.K. with the newly elected Labor government setting the legislative agenda in the King’s Speech last week, promising consultations on enhanced employee rights and a higher minimum wage.
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.
