- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Jeff Dale2023-09-11T16:51:00
Analysis of suspicious activity reports (SARs) by the Treasury Department’s Financial Crimes Enforcement Network (FinCEN) indicates nearly $1 billion in suspicious activity in cases of suspected evasion of Russia-related export controls.
FinCEN leveraged information derived from Bank Secrecy Act (BSA) reporting after it issued joint alerts with the Department of Commerce’s Bureau of Industry and Security (BIS) addressing potential attempts by Russia to evade U.S. export controls, said acting FinCEN Director Himamauli Das in a press release Friday.
The agency’s financial trend analysis found patterns on suspected evasion of export controls to aid Russia’s war in Ukraine, including:
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Matthew Axelrod, assistant secretary for export enforcement at the Bureau of Industry and Security, addressed efforts to reach financial services firms, working with the Financial Crimes Enforcement Network, and more during his fireside chat at CW’s Financial Crimes Summit.
Five agencies of the U.S. government combined to issue best practices guidance for entities in the maritime and other transportation industries to help reduce risk of sanctions and export control violations and evasion efforts.
Emerging technologies like automation and generative AI are on the radar as difference-makers for businesses serious about keeping pace with increasing regulatory scrutiny toward third-party due diligence and sanctions compliance, a survey conducted by Compliance Week and Certa found.
Portuguese bank Novo Banco, S.A., fired Chief Risk Officer Carlos Jorge Ferreira Brandão “with just cause” after an internal probe discovered “suspicious financial transactions” in his sphere.
A prominent risk management firm has issued its predictions for the top five risks for business in 2025, along with guidance for how organizations should prepare and respond.
When the DOJ released its revised Evaluation of Corporate Compliance Programs, it turned some heads. Tucked into a section on risk assessments was a strongly worded series of questions that appeared to shoulder compliance teams with the responsibility for ensuring the safe use of AI tools by their firms.
