New focuses and directions at the agencies are on the way, but a few themes have been clear and consistent.
Browsing: Anti-money laundering
The Treasury Department’s Office of Foreign Assets Control today announced sanctions against Hydra Market, the world’s largest and most prominent darknet market, for being responsible or complicit in cyber-enabled activities against the United States.
Banks should have a step-by-step plan on how to handle cyber-attacks, including securing whatever data possible and quickly notifying law enforcement.
The American Bankers Association today told the Financial Crimes Enforcement Network that the proposed pilot program for domestic financial institutions to share suspicious activity reports with their foreign branches, subsidiaries and affiliates “needs to be significantly revised” in order to be efficient and effective.
In the wake of Russia’s invasion of Ukraine, western governments have imposed unprecedented financial sanctions on individuals, businesses, banks and governments in Russia, Belarus and Russian-occupied areas of Ukraine.
Speaking at an industry event today, Aaron Tapp, section chief for the Federal Bureau of Investigation’s financial crimes section, told financial crimes professionals that it “might be time to have a conversation” between regulators and law enforcement to discuss how financial institutions can best provide actionable information to law enforcement while meeting their regulatory obligations.
In all of the Department of Justice’s corporate resolutions regarding AML compliance violations—including guilty pleas, deferred prosecution agreements or non-prosecution agreements—it will now consider requiring both chief executive officers and chief compliance officers to certify that a company has remedied the situation, Assistant Attorney General Kenneth Polite announced today.
Since the start of the pandemic, banks have reported more sophisticated cyber attacks, said Lisa Arquette, associate director of the FDIC’s anti-money laundering and cyber fraud division at an industry event today.
Speaking at an industry event today, Elizabeth Rosenberg, assistant secretary for terrorist financing and financial crimes at the Treasury Department, lauded the financial industry’s quick response to implement a growing list of sanctions against Russia and individuals close to President Putin, in light of the recent invasion of Ukraine.
The Financial Crimes Enforcement Network today issued an alert reminding financial institutions of the importance of identifying and quickly reporting suspicious transactions in connection with sanctioned Russian elites and their families.