New Anti-Money Laundering Regulations: Best Practices Companies Needs to Know to Avoid Regulatory Liability
On June 30, 2016, the New York Department of Financial Services (NYDFS) issued a final regulation that sets forth the specific minimum requirements that its regulated institutions must use to maintain programs that monitor and filter transactions for potential anti-money laundering (AML) and Bank Secrecy Act (BSA) violations. The final rule requires regulated institutions to annually submit a board resolution or a senior officer's confirmation of compliance with the final rule. Effective January 1, 2017, the final rule will require financial services, insurance and banking industries that conduct business in New York to submit their first compliance certification on April 15, 2018.
With the final rule in place, it is important for companies regulated by the NYDFS to reevaluate and enhance the design and effectiveness of their existing AML programs to avoid potential risks and legal challenges.
In this LIVE Webcast, a panel of key thought leaders organized by The Knowledge Group will provide a discussion of the new anti-money regulations issued by the NYDFS and its implications to businesses. Speakers will also offer best practices that companies need to know to avoid unwanted regulatory liabilities.
Some of the major topics that will be covered in this course are:
- Overview of the New AML Regulations
- Compliance Certification
- Technical Requirements
- Designing Transaction Monitoring Program
- Maintaining Filtering Program
- Compliance Challenges
- Best Compliance Practices
David L. Glass, Special Counsel
Hinman, Howard & Kattell, LLP
Jon S. Barooshian, Partner
Bowditch & Dewey, LLP
- Overview of applicable federal law and regulations – Bank Secrecy Act, Patriot Act et al
- Discussion of New York’s new regulation – which imposes higher standards for banks and other financial institutions chartered or licensed in NY, and may become effectively best practice for all financial institutions
- “War stories” regarding actual enforcement actions and the resulting lessons for banks and other institutions in terms of best practices
- Current thinking among AML officers and practitioners regarding best practices
Who Should Attend:
- Banking and Finance Lawyers
- AML Lawyers
- Banking and Finance Professionals
- Anti-Money Laundering Officers
- AML Compliance Officers
- Risk Mitigation Officers
- Fraud Monitoring Officers
- BSA Officers and Managers
- AML investigators
- Other Interested Professionals
David L. Glass is Special Counsel based in Hinman, Howard & Kattell’s White Plains office. His practice focuses on advising banks and other financial institutions on regulatory matters. With more than 30 years’ experience in every aspect of banking regulation, Mr. Glass has been recognized as “an acknowledged expert in the area of commercial banking law” (In re Apponline Inc., 396 BR 602, 608 (2003)). He is rated ‘AV’ by Martindale & Hubbell for preeminent legal ability and highest ethical standards, and is listed in “New York Superlawyers” for 2015 as being in the top five percent of banking lawyers in New York, based on peer assessments.
Throughout his career Mr. Glass has concentrated on advising banks on regulatory matters and representing them before the federal and state regulatory authorities on matters ranging from expansion applications to enforcement and compliance issues. He currently serves as a senior adviser for the Macquarie Group, a diversified financial services company based in Sydney, Australia. In that capacity, Mr. Glass advises management regarding the structuring of the Group’s US activities and oversees its regulatory relationships, primarily with the Federal Reserve and other banking regulators.
David L. Glass is Special Counsel based in Hinman, Howard & Kattell’s White Plains office. His practice focuses on advising …
Jon Barooshian is a white-collar defense attorney with a focus on tax evasion, tax controversy, securities fraud, internal and governmental investigations and related criminal and civil litigation. Jon has over 20 years of experience representing individuals, nonprofit organizations and businesses of all sizes during investigations by federal and state agencies. When necessary, Jon defends these clients in administrative proceedings and at trial in state and federal courts.
He routinely represents clients in civil and criminal tax fraud investigations, FBAR and offshore bank account proceedings, voluntary disclosure proceedings, and state and federal tax collection proceedings. In addition, Jon assists clients with responses to inquiries from government agencies and investigates possible unintended violations on behalf of clients who are concerned about their compliance. Corporate Counsel recently published Jon’s article, “What the Panama Papers Should Teach Companies about Money Laundering,” which covers a variety of implications that money laundering activities carry for businesses in all industries.
Jon Barooshian is a white-collar defense attorney with a focus on tax evasion, tax controversy, securities fraud, internal and governmental …
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Method of Presentation:
Experience in banking or finance
NASBA Field of Study:
Business Law - Technical
NY Category of CLE Credit:
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About Hinman, Howard & Kattell, LLP
At Hinman, Howard & Kattell, their clients and their goals come first. They value the strong relationships
they have with their clients -- some for the better part of a century. When you walk through their doors, your goals become their goals. They hold themselves to the highest standard of client service. They listen to you and develop an individual legal strategy that takes into account all of your needs.
About Bowditch & Dewey, LLP
Bowditch & Dewey is a mid-size New England law firm in three Massachusetts locations – Boston, Framingham, and Worcester, with a presence in Washington D.C. The firm maintains a balanced practice that includes representation of public and quasi-public entities, real estate developers, lenders, colleges and universities, all sizes of businesses from start-ups to Fortune 500 companies, non-profit organizations, and community groups. Bowditch & Dewey’s attorneys have substantial trial experience representing businesses and individuals through all stages of civil and criminal tax related controversies at the federal, state, and local level. In the recently released BTI Brand Elite 2016: Client Perceptions of the Best-Branded Law Firms, Bowditch & Dewey earned a place on BTI's Honor Roll of Most Recommended Firms. Law firms are included on this list based on top-of-mind recognition by corporate counsel and other legal hiring decision makers.