- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Kyle Brasseur2023-07-13T16:29:00
Treasury Secretary Janet Yellen announced Thursday the appointment of Andrea Gacki as director of the Financial Crimes Enforcement Network (FinCEN).
Gacki shifts to FinCEN from another arm of the Treasury Department in the Office of Foreign Assets Control (OFAC), which she led as director since September 2018.
“During her time as director of OFAC, Andrea guided the office through major world events, including most recently its role countering Russia’s illegal and unprovoked war against Ukraine, where she helped design our unprecedented sanctions strategy,” said Yellen in a statement. “As FinCEN embarks on its most ambitious project in recent years—bringing transparency to corporate ownership and protecting the U.S. financial system—there’s no one I trust more to lead the office than Andrea.”
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Andrea Gacki, head of the Financial Crimes Enforcement Network, said recent enforcement actions by the agency have addressed significant gaps in the U.S. anti-money laundering/countering the financing of terrorism regime and exposed specific risk factors, trends, and typologies.
Puerto Rico-based Bancrédito International Bank and Trust Corporation was assessed a $15 million penalty by the Financial Crimes Enforcement Network for admitted violations of the Bank Secrecy Act regarding suspicious activity monitoring and anti-money laundering compliance.
The Financial Crimes Enforcement Network issued a notice to financial institutions regarding its observations of increasing payroll tax evasion and workers’ compensation fraud taking place in the U.S. residential and commercial real estate construction industries.
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.
