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- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By Aaron Nicodemus2024-02-27T19:01:00
The head of the Treasury Department’s Financial Crimes Enforcement Network (FinCEN) said recent enforcement actions by the agency have addressed significant gaps in the U.S. anti-money laundering/countering the financing of terrorism (AML/CFT) regime and exposed specific risk factors, trends, and typologies.
In a speech delivered Thursday during the Puerto Rican Symposium of AML, FinCEN Director Andrea Gacki said the agency has sought to drive compliance through enforcement. She noted FinCEN has been increasingly active lately.
“This is consistent with recent efforts across various workstreams to increase enforcement by strategically deploying our resources,” said Gacki, who took over as FinCEN director in July.
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News and analysis for the well-informed compliance or audit exec.
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2024-06-28T17:00:00Z By Aaron Nicodemus
Financial institutions would be required to conduct more thorough risk assessments on their anti-money laundering/countering the financing of terrorism programs under a new rule proposed by the Treasury Department’s Financial Crimes Enforcement Network.
2024-02-29T16:46:00Z By Kyle Brasseur
The Treasury Department announced its success using artificial intelligence to track down instances of check fraud—a potential preview of the results that might come if the agency applies AI in other enforcement-related circumstances.
2024-02-16T13:55:00Z By Aaron Nicodemus
The Financial Crimes Enforcement Network will focus its attention regarding compliance with its new beneficial ownership reporting requirements on education and outreach during the first year of implementation, although “willful violations” will still merit punishment.
2024-07-02T20:35:00Z By Adrianne Appel
Three former executives of Chicago-based Outcome Health, a healthcare technology company, were sentenced for misleading an auditor, clients, lenders, and investors about a scheme to sell $45 million in overbilled advertisements.
2024-07-02T14:42:00Z By Adrianne Appel
A home health company operating in Indiana, Ohio, and Texas agreed to pay nearly $4.5 million to settle allegations it filed false claims by giving sports tickets and other kickbacks to assisted living facilities in exchange for referrals.
2024-07-02T13:50:00Z By Aaron Nicodemus
Crypto-friendly Silvergate Bank will pay a total of $63 million penalties to California and the Federal Reserve Board to settle charges that its anti-money laundering program failed to properly monitor over $1 trillion worth of customer transactions.
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