- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Aaron Nicodemus2024-11-26T14:53:00
Hedge fund manager Scott Bessent, named by Donald Trump on Friday as his nominee for Treasury Secretary, has a clear mandate to deregulate the financial markets should he take the helm.
Bessent, the billionaire CEO and founder of Connecticut-based Key Square Group, is well-known on Wall Street. According to Trump’s announcement of his nomination on Truth Social, Bessent has been an investment manager for 35 years.
According to CBS News, Bessent is also a protégé of billionaire George Soros and was an executive with Soros Fund Management before launching Key Square Group.
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The U.S. Treasury Department has issued a final rule–and created a new division to oversee it–that will attempt to limit outbound investments to China related to sensitive technologies with military applications.
The Treasury Department’s efforts to eliminate regulation loopholes that help enable money laundering in the U.S. financial system will remain a top priority as part of the agency’s 2024 national illicit finance strategy.
Three Russia-based companies and an individual were designated by the U.S. Treasury Department for trying to recapture more than $1.5 billion in frozen shares owned by a previously sanctioned Russian oligarch using a complex evasion scheme.
Purported “testimonial and review” service Rytr agreed to stop selling its program that used artificial intelligence to create fake content as part of a consent order with the Federal Trade Commission.
Bank of America avoided a monetary penalty in agreeing to settle charges with the Treasury Department’s Office of the Comptroller of the Currency but was ordered to shore up previously disclosed deficiencies in its Bank Secrecy Act/anti-money laundering (BSA/AML) and sanctions compliance programs.
Aviation maintenance services provider AAR Corp. will pay nearly $56 million to settle charges that it violated the Foreign Corrupt Practices Act when it paid bribes to government officials in Nepal and South Africa.
