- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Kyle Brasseur2023-07-13T16:29:00
Treasury Secretary Janet Yellen announced Thursday the appointment of Andrea Gacki as director of the Financial Crimes Enforcement Network (FinCEN).
Gacki shifts to FinCEN from another arm of the Treasury Department in the Office of Foreign Assets Control (OFAC), which she led as director since September 2018.
“During her time as director of OFAC, Andrea guided the office through major world events, including most recently its role countering Russia’s illegal and unprovoked war against Ukraine, where she helped design our unprecedented sanctions strategy,” said Yellen in a statement. “As FinCEN embarks on its most ambitious project in recent years—bringing transparency to corporate ownership and protecting the U.S. financial system—there’s no one I trust more to lead the office than Andrea.”
THIS IS MEMBERS-ONLY CONTENT. To continue reading, choose one of the options below.
News and analysis for the well-informed compliance or audit exec. Select an option and click continue.
Annual Membership $499 Value offer
Full price one year membership with auto-renewal.
Membership $599
One-year only, no auto-renewal.
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.
Puerto Rico-based Bancrédito International Bank and Trust Corporation was assessed a $15 million penalty by the Financial Crimes Enforcement Network for admitted violations of the Bank Secrecy Act regarding suspicious activity monitoring and anti-money laundering compliance.
The Financial Crimes Enforcement Network issued a notice to financial institutions regarding its observations of increasing payroll tax evasion and workers’ compensation fraud taking place in the U.S. residential and commercial real estate construction industries.
President-elect Donald Trump announced he plans to appoint Cantor Fitzgerald President and CEO Howard Lutnick to lead the U.S. Commerce Department, as the incoming administration is expected to charge import tariffs against friends and foes.
If your business uses leather, rubber, wood, beef, palm oil, soy, or paper, then you may need to comply with the EU Deforestation Directive, a new rule intended to ensure that no goods traded in the EU contribute to global deforestation.
With the presidential election this week, one fear has remained on the minds of voters regardless of their political stripe–that artificial intelligence will be misused to change the outcome of the race.
