Financial Crime Developments, Resources and Stories: September 2023 Edition

Welcome to the inaugural summary of news you can use as your bank or other financial institution attempts to stay up-to-date on the world of financial crime compliance. Once per month, we will curate recent news about developments, resources and stories that shed light on BFS industry happenings as they relate to fighting financial crime.  

In this edition, we reveal four important data and news sources that cover the following topics: 

  • FinCen guidance on BOI for small businesses 
  • Data on the use of AI in battling fraud at financial institutions 
  • New, expanded Russia-related sanctions from OFAC 
  • Europol’s inaugural effort to shed light on financial and economic crimes in the EU 

We hope you find the following information roundup useful to your BSA/AML compliance efforts. 

FinCen issues BOI compliance guide to help small businesses:   

The U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) published a Small Entity Compliance Guide to assist the small business community in complying with the beneficial ownership information (BOI) reporting rule. The rule is set to take effect on January 1, 2024.  

 Among other things, the Guide helps small businesses in these ways: 

  •  Describes each of the BOI reporting rule’s provisions in simple, easy-to-read language 
  •  Answers key questions about the new rule 
  •  Provides interactive checklists, infographics and other tools to assist businesses in complying with the BOI reporting rule 

Read the news release: FinCEN Issues Compliance Guide to Help Small Businesses Report Beneficial Ownership Information 


Survey: FIs are battling fraud with AI: 

A new survey from the Intelligence unit at PYMTS shows that financial institutions (FIs) are beefing up their systems and processes with Artificial Intelligence (AI) and Machine Learning (ML) to combat the growth in fraudulent transactions and resulting financial losses. According to results from the survey of 200 executives at the largest banks in the U.S., fraud has increased for 43% of FIs compared to 2022, with the average cost of fraud increasing by 65% for FIs with assets of $5 billion or more. 

The three notable sources of fraud were identified as: 

  1. Misuse of account information 
  1. Digital wallets (I.e. Apple Pay, Google Pay, and Samsung Pay) 
  1. Same-day automated clearing house (ACH) and regular ACH payments 

The survey also reveals the most widely implemented technologies for fighting fraud at FIs today. 

Read the story: 


OFAC expands sanctions to disrupt Russia’s tech supply chain:   

The Treasury Department’s Office of Foreign Assets Control (OFAC) widened its area of focus to disrupt Russia’s technology supply chain with new sanctions. The announcement came on September 14, 2023.  

The new sanctions have been placed against shipping and logistics firms in Finland and Turkey.  At the same time, the U.S. Department of State designated 37 entities involved in expanding Russia’s energy production and future export capacity, including multiple entities in Turkey. 

Read the story: New OFAC sanctions expand clamps on Russia tech supply chain | News Brief | Compliance Week 


Europol launches inaugural threat assessment report on financial and economic crimes:  

The report, entitled The other side of the coin: an analysis of financial and economic crime in the EU presents Europol’s expertise in financial and economic crimes, detailing how the current threats are manifesting themselves and how these crimes impact the wider society. It serves as a roadmap to foster cooperation that will derail the world of criminal finances, intercept illicit profits, and – above all else – Make Europe Safer.  

Read the report: The Other Side of the Coin: An Analysis of Financial and Economic Crime | Europol ( 

To access in-depth insights and a wide range of best practices on how your organization can more effectively and efficiently overcome BSA/AML compliance challenges, visit the Resources page at WorkFusion. 

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