- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By Kyle Brasseur2024-06-10T09:43:00
The Treasury Department’s Financial Crimes Enforcement Network (FinCEN) published its latest collection of Bank Secrecy Act (BSA) data, including number and type of suspicious activity reports (SARs).
The annual report from FinCEN covers fiscal year 2023 and is “intended to help stakeholders gain insight into the collection and use of [BSA] data, including FinCEN’s efforts to support law enforcement and national security agencies,” the agency said in a press release.
In FY23, FinCEN received approximately 4.6 million SARs, with more than 50 percent of that total—about 2.5 million—coming from depository institutions. Money services businesses contributed nearly 1.5 million.
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2024-09-27T13:36:00Z By Adrianne Appel
U.S. and European law enforcement agencies have announced sanctions against two Russia-linked cryptocurrency platforms in their ongoing chase to snuff out Russian-linked financial platforms that assist cybercriminals.
2024-07-22T15:50:00Z By Aaron Nicodemus
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.
2024-07-10T17:25:00Z By Aaron Nicodemus
As the United States and other Western countries turn the screws on criminals, hackers, terrorist organizations, and sanctions evaders attempting to access global financial markets, financial institutions could respond by reducing their connections to risky sectors, according to Treasury Under Secretary Brian Nelson.
2025-03-18T16:56:00Z By Aaron Nicodemus
The U.S. Treasury’s effort to dramatically narrow the focus of the Corporate Transparency Act through “emergency” rulemaking would gut the law’s anti-money laundering efforts, a transparency expert said.
2025-03-11T16:46:00Z By Aaron Nicodemus
Two senators behind the Corporate Transparency Act have demanded that U.S. Treasury Secretary Scott Bessent justify his suspension of one of the law’s anti-money laundering requirements.
2025-03-07T15:42:00Z By Aaron Nicodemus
TD Bank leadership called its response to anti-money laundering program lapses its “top priority” as federal regulators named their choice of a compliance monitor to oversee a top-to-bottom rebuild of its AML program.
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