- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Jeff Dale2024-07-15T16:45:00
The Treasury Department’s Financial Crimes Enforcement Network (FinCEN) updated an alert first issued in February warning financial institutions of Israeli extremists fomenting violence in the West Bank.
The alert, issued Thursday, adds additional red flags to “assist U.S. financial institutions in identifying and reporting suspicious activity that finances West Bank violence,” FinCEN said in a press release.
In a concurrent action, the Treasury Department’s Office of Foreign Assets Control (OFAC) and the U.S. Department of State sanctioned and designated individuals and entities linked to the violence, including four farms in the West Bank.
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Sanctions compliance officers face myriad challenges as complex geopolitical situations heighten risks worldwide, experts discussed during Compliance Week’s Third-Party Risk Management & Oversight Summit.
The Office of Foreign Assets Control sanctioned two Israeli entities for establishing fundraising campaigns for extremists fomenting violence in the West Bank.
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