- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Kyle Brasseur2023-10-04T16:30:00
The new director at the Treasury Department’s Financial Crimes Enforcement Network (FinCEN) said the agency is working to issue a notice of proposed rulemaking regarding the establishment of an anti-money laundering (AML) and sanctions whistleblower program.
Andrea Gacki, in virtual remarks delivered at an industry event Tuesday, said the program will allow FinCEN to pay out awards to individuals who voluntarily come forward with information on violations of the Bank Secrecy Act (BSA) or U.S. sanctions when that information leads to an enforcement action.
“While we work on the rulemaking necessary to fully implement this program, FinCEN is already receiving tips, investigating information received through those tips, and making referrals to its enforcement colleagues at [the Office of Foreign Assets Control] and the Department of Justice,” said Gack
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Andrea Gacki, head of the Financial Crimes Enforcement Network, said recent enforcement actions by the agency have addressed significant gaps in the U.S. anti-money laundering/countering the financing of terrorism regime and exposed specific risk factors, trends, and typologies.
The Financial Crimes Enforcement Network made several changes suggested by commenters to a new rule allowing limited access to its beneficial ownership information registry.
The Financial Crimes Enforcement Network finalized a rule to extend the deadline for companies created or registered in 2024 to file their initial beneficial ownership information reports.
Breaches of the EU’s GDPR can cost companies substantial sums and huge reputational damage. Now some are warning that the implementation of the EU’s AI Act will be just as far-reaching, and could potentially lead to similar numbers of cases.
Any product that uses AI needs to be safety assessed for its entire lifespan under new rules that went into effect recently across the EU. Experts warned companies using AI to tailor products could be classed as “manufacturers” and face the same duty of care as developed.
When lawmakers slam the U.K.’s chief financial regulator as “incompetent,” it not only opens the doors for others to pile criticism on it, but it sparks a debate about how the organization can be improved–or removed.
