- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Jeff Dale2023-09-11T16:51:00
Analysis of suspicious activity reports (SARs) by the Treasury Department’s Financial Crimes Enforcement Network (FinCEN) indicates nearly $1 billion in suspicious activity in cases of suspected evasion of Russia-related export controls.
FinCEN leveraged information derived from Bank Secrecy Act (BSA) reporting after it issued joint alerts with the Department of Commerce’s Bureau of Industry and Security (BIS) addressing potential attempts by Russia to evade U.S. export controls, said acting FinCEN Director Himamauli Das in a press release Friday.
The agency’s financial trend analysis found patterns on suspected evasion of export controls to aid Russia’s war in Ukraine, including:
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Matthew Axelrod, assistant secretary for export enforcement at the Bureau of Industry and Security, addressed efforts to reach financial services firms, working with the Financial Crimes Enforcement Network, and more during his fireside chat at CW’s Financial Crimes Summit.
Five agencies of the U.S. government combined to issue best practices guidance for entities in the maritime and other transportation industries to help reduce risk of sanctions and export control violations and evasion efforts.
Emerging technologies like automation and generative AI are on the radar as difference-makers for businesses serious about keeping pace with increasing regulatory scrutiny toward third-party due diligence and sanctions compliance, a survey conducted by Compliance Week and Certa found.
A Bank of England report warned of private equity risk management deficiencies as interest rates remain stagnant, with international coordination important.
Compliance departments at financial institutions must become more involved in ensuring their firm’s operational resiliency to address emerging risks, the Treasury Department’s Office of the Comptroller of the Currency said in its semi-annual risk perspective.
Compliance has been “sleeping on” artificial intelligence, two panelists discussed at Compliance Week’s Women in Compliance Summit. The profession should be positioned to lead on AI governance at the business level.
