- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Adrianne Appel2024-09-27T13:36:00
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.
Cybercrime platforms, like PM2BTC, which was the target of an order by the U.S. Treasury’s Financial Crimes Enforcement Network (FinCEN) Wednesday, and Cryptex, sanctioned by the Treasury’s Office of Foreign Assets Control (OFAC), are a threat to national and international security, by allowing criminals to launder ransomware proceeds from hacks of U.S. businesses and institutions, the agencies said.
Both platforms are tied to Sergey Sergeevich Ivanov, a Russian citizen sanctioned by OFAC who for 20 years has allegedly laundered hundreds of millions of dollars in virtual currency resulting from cyberattacks and darknet transactions, including those linked to Genesis Market.
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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.
The Financial Crimes Enforcement Network published its latest collection of Bank Secrecy Act data, including number and type of suspicious activity reports.
The Public Company Accounting Oversight Board fined five consultancies, including Ernst & Young, as the agency continues its crackdown on firms violating audit committee communications rules and reporting requirements.
Aviation maintenance services provider AAR Corp. disclosed that several former employees may have bribed officials in Nepal and South Africa to win contracts, and chose to self-report violations of the Foreign Corrupt Practices Act to authorities in the U.S. and U.K.
Regulators continue to hammer firms with fines for violating rules regarding the use of unapproved communication methods by employees, issuing $120 million in fines this week. And for the first time, two firms were not fined because they self-reported their violations.
