- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Aaron Nicodemus2021-01-26T21:26:00
Janet Yellen takes over as leader of a Treasury Department with a lot on its plate, including studying the effects of climate change on the economy, unwinding Trump administration sanctions, revamping the Bank Secrecy Act, and more.
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The Office of the Comptroller of the Currency has appointed Darrin Benhart as its first climate change risk officer—a move in line with the agency’s plans to better develop effective climate risk management practices at banks.
The Financial Crimes Enforcement Network tipped its hand at changes ahead for the Bank Secrecy Act in announcing the first government-wide list of priorities for anti-money laundering and countering the financing of terrorism.
Calling it the “single largest action targeting corruption to date,” the Office of Foreign Assets Control sanctioned three prominent Bulgarian individuals along with their network of 64 companies for their “extensive roles” in corruption in Bulgaria.
The U.S. Supreme Court extended the statute of limitations for businesses attempting to challenge some federal regulations, allowing regulated entities a longer timeline to appeal a decision.
The Supreme Court of the United States overturned a long-held precedent in which courts deferred to federal agencies in interpreting complex or ambiguous regulations–a decision that could make thousands of federal regulations more vulnerable to legal challenges.
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.
