By Jeff Dale2024-05-08T20:47:00
The Treasury Department’s Financial Crimes Enforcement Network (FinCEN) advised financial institutions in detecting illicit transactions related to Iran-backed terrorist organizations.
The agency’s advisory, issued Wednesday, contains information derived from FinCEN’s analysis of Bank Secrecy Act data, open-source reporting, and details provided by law enforcement partners.
“[W]e are issuing this advisory to help financial institutions protect the financial system from abuse by terrorists and to encourage financial institutions to stay vigilant in identifying and reporting related suspicious activity,” said Andrea Gacki, FinCEN’s director, in a press release.
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Five individuals and seven entities in Iran, China, and Hong Kong have been targeted for U.S. sanctions by the Treasury Department’s Office of Foreign Assets Control for helping to obtain components used in Iran’s missles and drones.
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The Treasury Department’s Office of Foreign Assets Control sanctioned nearly 50 entities connected with so-called “shadow banking” networks that help Iran’s military evade U.S. sanctions and to sell the country’s oil and petrochemical products.
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Tucked deep inside the $95 billion foreign aid bill recently passed by Congress was a provision that will allow the Office of Foreign Assets Control to look back 10 years to investigate potential violations of U.S. sanctions, rather than five years.
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More than half of all compliance teams are “actively using” or “piloting” AI applications, according to a Moody’s report. While most are focusing on streamlining routine tasks, some are developing AI agents and asking vital questions about AI decision-making.
2025-08-06T14:00:00Z By Aaron Nicodemus
The Trump administration’s designation of Mexican cartels as terrorist organizations in February has made doing business in Mexico riskier than ever before for corporations.
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Bank examiners at the Federal Reserve Board will no longer assess reputational risk during examinations, a concession to the banking industry already underway with two other U.S. regulators.
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