INSIGHT: Wolfsberg Group opposes FATF recommendation for banks to track cash withdrawals at overseas ATMs

Regulatory Watch News

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  Remarks by Secretary of the Treasury Janet L. Yellen Ahead of Roundtable with CEOs of German Banks in Frankfurt, Germany

  US Department of the Treasury

  May 21, 2024

  "Today, I would like to hear from you on the risks you and your clients are facing—from spillovers from Russia’s war on Ukraine, to shifting dynamics in the trade relationship with China, to financial sector vulnerabilities in the region. Your insights are extremely valuable. I also want to focus our time together today on Russia’s ongoing invasion of Ukraine. Specifically, I would like to discuss the Treasury Department’s actions on Russia sanctions and the crucial importance of the financial sector’s efforts to comply with and implement them. Our discussion today is timely given positive recent developments within Germany and across the EU to build European anti-money laundering and sanctions institutions, including efforts underway to establish a new German Federal Financial Crime Agency and a new EU Anti-Money Laundering Authority."

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  Cybersecurity: Council approves conclusions for a more cyber secure and resilient Union

  European Council

  May 21, 2024

  The Council has approved conclusions on the future of cybersecurity aiming to provide guidance and setting the principles towards building a more cybersecure and more resilient Union. The importance of cybersecurity can hardly be underestimated. In the last years, cyber security threats have significantly increased in level, complexity, and scale. This has gone along with a significant increase in global geopolitical tensions.

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  In Boston, Treasury Launches New Public-Private FinCEN Exchange Series to Fight Fentanyl Trafficking

  FinCEN

  May 21, 2024

  PROTECT FinCEN Exchange sessions set to promote public-private collaboration against illicit financial activity tied to the opioid trade

  BOSTON—Today, as part of the Treasury Department’s Counter-Fentanyl Strike Force, the Financial Crimes Enforcement Network (FinCEN), in partnership with IRS Criminal Investigation (CI), announced a new initiative to combat the illicit trafficking of fentanyl into the United States. The “Promoting Regional Outreach to Educate Communities on the Threat of Fentanyl” (or PROTECT) series of FinCEN Exchange sessions will be held through the remainder of 2024 in U.S. cities that are highly impacted by the opioid epidemic. The series is specifically designed to work with regional and local banks who are deeply connected to their communities and offer unique perspectives on the opioid crisis, and will focus on how law enforcement can best support their efforts to monitor activity that may be tied to the illicit trafficking of fentanyl. At these exchanges, federal officials brief on information critical to tracking these illicit financial flows, including typologies and red-flag indicators of fentanyl-related activity, and discuss what types of information are particularly valuable when financial institutions report suspicious activity.