- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Aaron Nicodemus2024-01-29T21:44:00
An Iraqi bank faces severance from the U.S. financial system for being a conduit of terrorist financing, according to the Treasury Department’s Financial Crimes Enforcement Network (FinCEN).
FinCEN issued a finding and notice of proposed rulemaking (NPRM) Monday on Al-Huda Bank, alleging the bank and foreign sponsors “fuel violence that threatens the lives of U.S. and Iraqi citizens” while diverting funds that could support legitimate business, according to a press release.
The bank leveraged its access to U.S. dollars to support several foreign terrorist organizations, including Iran’s Islamic Revolutionary Guard and its Quds Force, as well as Iran-aligned Iraqi militias, per FinCEN.
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The Financial Crimes Enforcement Network issued an alert addressing the financing of Israeli extremist settler violence against Palestinians in the West Bank.
A survey of financial crime professionals found that while three of every four companies added more anti-money laundering employees in 2023, nearly all respondents said growing their department’s headcount alone won’t keep up with emerging risks.
Fraud remains the leading form of identity-related suspicious activity cited in Bank Secrecy Act reports by a large margin, while technologies enable greater overall risks around exploitation, according to new research from the Financial Crimes Enforcement Network.
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.
The Treasury Department’s Office of Foreign Assets Control and Secretary Janet Yellen announced sanctions Thursday against the top leaders of La Nueva Familia Michoacana drug cartel over the illicit trafficking of synthetic opioid fentanyl in the United States.
Sanctions compliance officers face myriad challenges as complex geopolitical situations heighten risks worldwide, experts discussed during Compliance Week’s Third-Party Risk Management & Oversight Summit.
