- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Aaron Nicodemus2022-03-02T20:44:00
The Treasury Department outlined key areas where criminals, terrorist groups, and rogue nations are using the U.S. banking system to launder funds to finance their illicit activities.
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The Financial Crimes Enforcement Network issued an advisory offering red flag indicators of kleptocracy and foreign corruption, noting Russia as a country of “particular concern.”
The Financial Crimes Enforcement Network will likely require banks and other financial institutions to assess their anti-money laundering and countering the financing of terrorism programs to ensure they are “effective and reasonably designed.”
FinCEN’s proposed rule for a new beneficial ownership registry was released as part of the U.S. government’s efforts to pull back the veil on anonymous shell companies used to launder illicit profits from corruption, money laundering, and other financial crime activities.
A lack of risk visibility is causing companies to reject customers–and potentially lose money–over fears they might be in danger of violating rules around anti-money laundering and sanctions regulations.
The Treasury Department’s Financial Crimes Enforcement Network updated an alert first issued in February warning financial institutions of Israeli extremists fomenting violence in the West Bank.
A Bank of England report warned of private equity risk management deficiencies as interest rates remain stagnant, with international coordination important.
