Entries by IFI

FinCEN Issues Warning to Financial Institutions

Iran continues to explore techniques that allow it to move funds to terrorist proxy groups in its efforts to destabilize the Middle East and project power by supporting the global operations of dangerous militias, proliferation of weapons, and malicious cyber activities. Financial institutions must be increasingly vigilant in detecting illicit transactions linked to Iran-backed terrorist organizations. Regulators have providing guidance, including red flags, and highlighting methodologies used by terrorist groups to raise funds.

Binance Settles with Regulators

Binance, the world’s largest cryptocurrency exchange, on November 21st pleaded guilty and agreed to pay more than $4.3 billion to resolve the US Justice Department’s investigation into its violations of the Bank..

Cyber-Enabled Fraud

Cyber-enabled fraud (CEF) is growing, especially with increasing digitalization across the globe.
Technological advances have enabled cyber criminals to develop and increase the scale,
scope, and speed of their illicit activities.

Terrorist Use of Crowdfunding

The nature of crowdfunding, the use of new technologies, and the possible anonymity afforded by crowdfunding platforms can make them attractive as relatively quick and simply means to obtain donations from across the world.

Partial Sanctions Relief for Venezuela

On October 18, 2023, the U.S. Department of the Treasury’s Office of Foreign Assets Control (“OFAC”) issued six general licenses authorizing categories of transactions that were previously prohibited under the U.S. sanctions program against Venezuela.