Anti-Money Laundering Enforcement Landscape: Tougher Penalties and Compliance Requirements
Regulators’ focus on anti-money laundering (AML) laws seems as high as it has ever been. As a part of their robust enforcement actions to address financial crimes, government authorities have required financial institutions to establish AML compliance programs that will detect and prevent illegal activities. However, setting up these precautions leads to another set of challenges.
To avoid risks while ensuring compliance, financial institutions must be aware of the recent trends and updates surrounding this area of law and develop an efficient and effective AML compliance program.
In this LIVE Webcast, a panel of thought leaders and professionals will provide the audience with an in-depth discussion of the regulatory issues concerning AML compliance programs. Speakers will also present the existing penalties, best compliance strategies, and practical tips on how to mitigate the risks surrounding this significant topic.
Key topics include:
- AML Compliance Programs – Recent Enforcement Trends You Need to Know
- AML Compliance Programs Requirements
- Notable Cases and Issues
- AML Penalties and Red Flags
- Compliance Tips and Strategies
- What Lies Ahead
Eric A. Bensky, Shareholder
Murphy & McGonigle
- Broker-Dealers’ Suspicious Activity Monitoring and Reporting
- The Broker-Dealer SAR Rule
- Transactions Drawing Regulators’ Scrutiny: Low-Priced Securities
- Findings and Sanctions in Recent Enforcement Actions
Stella M. Mendes, Senior Managing Director, Co-Leader of Financial Services Forensic & Litigation Consulting
- Financial Institutions work to combat Identity theft
- Refine AML Strategies
- False positives
- Emerging threats in AML
James DeFrantz, Principal
Virtual Compliance Management LLC
- Despite the end of Operation Chokepoint, and several statements to the contrary, there is still a huge bullseye on banks that want to offer services to Money Services business, fintech companies and of course cannabis-related businesses
- All three of these industries are here to stay and will continue to grow
- Fintech - is being designed to meet the needs of the unbanked, underbanked and customer base that has given up on traditional banking
- MSB - provide trillions of dollars a year in supplemental payments for countries all over the world
- Cannabis – the industry only continues to grow in popularity and legal status
- All three industries have the potential to greatly improve the non-interest income of financial institutions
- These industries require enhanced compliance, but the costs are generally borne by the industry
- Regulatory enforcement action has been uneven at best and there are several instances where there appears to be a lack of communication and/or understanding of what the agencies are asking
- Recent attempts by regulators to show transparency are still belied by the individual experiences of financial institutions
- Some suggestions for mitigating the “pain” from regulators
Eric A. Bensky focuses on securities litigation and enforcement, with an emphasis on representing prime brokers, clearing firms, and other broker-dealers in court, arbitration, and regulatory investigations and disciplinary proceedings. Over the past several years, he has represented broker-dealers and their personnel in regulatory examinations, investigations, and enforcement proceedings concerning anti-money laundering obligations, particularly with respect to the monitoring, investigation, and reporting of potentially suspicious activity. Non-broker-dealer clients have included a leading national and international bank, a major mutual fund complex, public companies and their officers and directors, individuals and entities suspected of or charged with insider trading, investment advisory firms, and hedge funds.
Eric A. Bensky focuses on securities litigation and enforcement, with an emphasis on representing prime brokers, clearing firms, and other …
Stella Mendes is a Senior Managing Director and Co-Leader of the Financial Services practice at FTI Consulting. With more than 25 years of diverse banking industry experience, she leads BSA/AML reviews, “look-back” reviews, risk assessments and AML investigations for banks, money service businesses and other financial service providers. She has established and enhanced BSA/AML/OFAC policies, procedures and processes to ensure compliance with regulations for financial service businesses and for government investigations. She provides advisory services on regulatory responses, administers AML training to banks and other financial services firms, and gives webinars on regulatory compliance best practices. Ms. Mendes assists clients with various regulatory compliance matters. Ms. Mendes earned her B.S. from Hofstra University, is CAMS–certified, fluent in Portuguese and Spanish and active in numerous professional organizations.
Stella Mendes is a Senior Managing Director and Co-Leader of the Financial Services practice at FTI Consulting. With more than …
James Defrantz, CRCM, CAMS, J.D. has 30 years of experience in financial service regulatory compliance. He was worked with money service businesses in the United States and internationally, including consulting with money remitters, Fintech lenders and foreign exchange firms. He is a specialist in compliance in consumer and real estate lending; BSA; CRA; Fair Lending; Consumer Operations; Non- Deposit Investment Products; Note Department Operations; Assessment of ALL and Credit Approval Process. He has served as a Senior Compliance Examiner at the Federal Reserve Bank in San Francisco; as an Analytical Manager at the Office of Thrift Supervision; and as a Commissioned National Bank Examiner at the Office of the Comptroller of the Currency (OCC). He has a Certificate from the Pacific Coast Banking School of Bank Management, a Juris Doctor from the University of San Francisco with a concentration in banking and finance, and a BA from Dartmouth College. He is a Certified Regulatory Compliance Management and Certified Anti- Money Laundering Specialist.
James Defrantz, CRCM, CAMS, J.D. has 30 years of experience in financial service regulatory compliance. He was worked with money …
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Method Of Presentation:
General knowledge of anti-money laundering laws
NY Category of CLE Credit:
Areas of Professional Practice
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About Murphy & McGonigle
Murphy & McGonigle serves the regulatory, enforcement defense, litigation, and counseling needs of clients across the full spectrum of the financial services industry – from national and international securities market qs and exchanges to national banks, broker-dealers, investment advisers, and hedge funds.
Many of the firm’s partners formerly served in senior positions at the Securities and Exchange Commission (SEC), the U.S. Department of Justice, FINRA, the Commodity Futures Trading Commission (CFTC), and the New York State Department of Financial Services, and several served in senior legal positions at major Wall Street financial institutions.
Murphy & McGonigle has been named a National Tier One law firm in Securities Litigation, Securities Regulation, and Corporate Law by a leading industry survey. The Firm operates in New York, Washington, DC, and Richmond, VA.
About FTI Consulting
FTI Consulting is an independent global business advisory firm dedicated to helping organizations manage change, mitigate risk and resolve disputes: financial, legal, operational, political & regulatory, reputational and transactional. Individually, each practice is a leader in its specific field, staffed with experts recognized for the depth of their knowledge and a track record of making an impact. Collectively, FTI Consulting offers a comprehensive suite of services designed to assist clients across the business cycle – from proactive risk management to the ability to respond rapidly to unexpected events and dynamic environments.
About Virtual Compliance Management LLC
Virtual Compliance Management Services, LLC (“VCM” or “Virtual Compliance Management”) is a collective of former regulators, compliance officers, internal auditors, and trainers that offer consulting services across a variety of compliance functions. VCM staff includes more than 100 years of auditing experience and specializes in providing BSA/AML compliance and audit services to financial institutions. Virtual Compliance Management (VCM) has no current plans for any merger, acquisition, or joint marketing arrangements. VCM registered with the California Secretary of State in December of 2009 and its status is active. Entity number is 201002710225. Additional information can be found at www.vcm4you.com.