- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Kyle Brasseur2021-06-30T17:59:00
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.
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The Financial Crimes Enforcement Network will likely require banks and other financial institutions to assess their anti-money laundering and countering the financing of terrorism programs to ensure they are “effective and reasonably designed.”
The Financial Crimes Enforcement Network has issued a request for information on ways to modernize the Bank Secrecy Act ahead of a report Treasury Secretary Janet Yellen must provide Congress by Jan. 1, 2022.
The Financial Industry Regulatory Authority is encouraging member firms to start proactively incorporating new AML/CFT priorities mandated by Congress into their risk-based compliance programs.
When the DOJ released its revised Evaluation of Corporate Compliance Programs, it turned some heads. Tucked into a section on risk assessments was a strongly worded series of questions that appeared to shoulder compliance teams with the responsibility for ensuring the safe use of AI tools by their firms.
The Department of Justice’s Evaluation of Corporate Compliance Programs has made the importance of artificial intelligence governance frameworks clear, but it didn’t say what role compliance should play. Here’s the answer.
The U.S. Department of the Treasury’s Financial Crimes Enforcement Network issued an alert to financial institutions about their obligations to report deepfakes, warning artificial intelligence has given bad actors additional tools in their arsenal.
