- 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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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.
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.
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.
The U.K. has an ongoing problem with money laundering, but recent changes to economic crime law and corporate registration requirements could bring more cases to court, according to consultancy KPMG.
Enforcement actions in the first half of of 2024 by the Treasury Department’s Financial Crimes Enforcement Network highlight the importance of proactive measures in Bank Secrecy Act compliance rather than just being compliant.
The U.K Financial Conduct Authority published findings showing that financial services firms are implementing its guidance on politically exposed persons related to anti-money laundering inconsistently, with experts warning firms of reputational damage arising from potential enforcement.
