REGISTER - LIVE WEBCAST

Broadcast Date: Wednesday, September 07, 2022
from 12:00 pm to 1:30 pm (ET)

Overview:

In light of the aggressive enforcement focus against money laundering and other illegal activities, sweeping changes were implemented to further strengthen the Anti-Money Laundering Act of 2020 (AMLA 2020). The enhanced AMLA 2020 heightened the penalties for offenses and introduced new tools for regulators.

Financial institutions and BSA-regulated entities are likely to face a tougher and more challenging AML compliance space ahead. Thus, compliance teams should stay close to the crucial issues and pressing changes to enhance their policies and programs.

Join a panel of key thought leaders and professionals assembled by The Knowledge Group as they delve into an in-depth analysis of the significant reforms of the updated AMLA 2020. Speakers will also provide comprehensive regulatory guidance to establish sufficient AML/BSA safeguards.

Key topics include:

  • BSA/AML Compliance: Legal Overview
  • Significant Reforms Under the Enhanced AMLA 2020
  • Hot Topics Surrounding AML/BSA Obligations
  • Key Implications to Your Compliance Policies
  • Crucial Pillars for an Effective BSA/AML Compliance Program

Credit:

Course Level:

Intermediate

 

Advance Preparation:

Print and review course materials

 

Method of Presentation:

Live Webcast

 

Pre-requisite:

General knowledge of banking and finance laws

 

Course Code:

149907

 

NY Category of CLE Credit:

Areas of Professional Practice

 

Total Credit:

1.5 CLE

Speaker Panel:

G. Elaine Wood, Vice President
Charles River Associates

Elaine Wood is a Vice President in the Risk, Investigations and Analytics practice at Charles River Associates, a global consulting firm.  Ms. Wood is a former Assistant U.S. Attorney for the Southern District of New York with over 20 years of experience conducting global investigations and consulting on internal controls and procedures. Her independent findings have been submitted to regulators, courts and law enforcement agencies. She works with clients to implement compliance controls, and specializes in emerging technology solutions in security, risk management, and data governance. She is an expert in international fraud and money-laundering investigations.

Ms. Wood advises on anti-money laundering (AML) and anti-bribery and corruption (ABC) programs, OFAC, FCPA and UK Bribery Act issues, corporate governance, enterprise risk management, and gap analysis.  She is a member of the Association of Certified Fraud Examiners, the Association of Certified Anti-Money Laundering Specialists and the Society of Corporate Compliance and Ethics.

Ms. Wood began her career as a litigation associate at Cravath, Swaine & Moore.

Brad Dragoon, Principal
Charles River Associates

Brad Dragoon is a principal with the Risk, Investigations & Analytics Practice, and is located in New York City.

Mr. Dragoon is responsible for providing compliance and risk management solutions for financial institutions and conducting complex investigations in the course of litigation or government enforcement action. Mr. Dragoon has also provided litigation support for financial institutions and enterprises accused of money laundering in US federal courts and has conducted compliance policy reviews for money-service businesses and electronic payment possessors which assessed exposure to sanctions risk and financial crime.

Ian A. Herbert, Counsel
Miller & Chevalier

Ian Herbert represents global companies, executives, and trustees through government investigations and related litigation. Mr. Herbert has handled all aspects of multi-jurisdictional investigations, including complex legal analysis, global litigation strategy, and factual development. A member of the firm’s Trust and Family Office and Anti-Money Laundering practice groups, Mr. Herbert has experience advising both individuals and entities, including multinational corporations, offshore trustees and financial services companies on a range of issues, including foreign bribery, tax fraud, and other financial crimes. Mr. Herbert writes and speaks regularly on issues related to white-collar criminal enforcement and money-laundering.

Agenda:

G. Elaine Wood, Vice President

Charles River Associates

 

Brad Dragoon, Principal

Charles River Associates

 

Ian A. Herbert, Counsel

Miller & Chevalier

TALKING POINTS:

  • In December 2021, as required by the Corporate Transparency Act, FinCEN published its proposed rule regarding the reporting requirements for a new registry of beneficial ownership registry. The proposed rule will not only require companies to take a broader and much more fact-intensive approach to reporting beneficial ownership than has been required under the Customer Due Diligence (CDD) Rule, but also foreshadows a likely shift to the CDD rule, which will be the subject of a separate rulemaking process.  The CTA also includes significant criminal penalties on those who provide false information about beneficial ownership or cause false information to be provided.
  • The Anti-Money Laundering Act of 2020 created new Bank Secrecy Act violations and additional penalties for repeat offenders and certain individuals.  The AMLA created new criminal violations for knowingly concealing, falsifying, or misrepresenting to or from financial institutions and material facts regarding ownership of certain assets related to senior political figures, or any material facts regarding source of funds in certain monetary transactions. (31 USC § 5335). The Biden administration has made clear in documents such as the Strategy for Countering Corruption that it intends to focus on the demand side of bribery, and these additional criminal sanctions could assist with that effort.  In addition, the AMLA added to the BSA the ability for Treasury to impose additional civil damages up to three times the profit gained or loss avoided for repeat violators.  Finally, the AMLA added additional penalties to be imposed against individuals.  Under 31 USC § 5322, individuals who are convicted of violating provisions of the BSA shall be fined an amount equal to the profit gained and shall repay certain bonuses.  And under 31 USC § 5321, individuals found to have committed an “egregious” violation of the BSA are prohibited from serving on the board of a financial institution for 10 years.
  • In December 2021, FinCEN sought comment on a new rule that would impose nationwide recordkeeping requirements on certain real estate transactions, building off its geographic targeting orders. High-risk real estate transactions has long been a point of emphasis of US regulators, who have focused in recent years on geographic targeting orders. The new regulations will increase the compliance burdens for those engaged in certain real estate transactions.
  • In October 2021, the ENABLERS Act was introduced in the US House of Representatives. The ENABLERS Act, which is not yet law, proposes to add “gatekeeper professions” (i.e. accountants, lawyers, art dealers, trust service providers, public relations businesses, and investment advisors) to the BSA’s definition of “financial institutions.” The proposed legislation would also impose AML program and reporting requirements on all businesses defined as “financial institutions” by the BSA, and would eliminate FinCEN’s ability to exempt certain types of businesses from such requirements. Currently FinCEN exempts certain types of business including travel agencies, investment companies, and businesses engaged in vehicle sales from AML regulatory requirements.

Date & Time:

Wednesday, September 07, 2022

12:00 pm to 1:30 pm (ET)

A recording will be available to view 24-48 hours after the live date.

Materials:

Coming Soon.

Please check back again later.

Who Should Attend:

  • Chief AML Officers
  • Chief Financial Officers
  • Chief Compliance Officers
  • AML/BSA Compliance Managers and Officers
  • AML/BSA Lawyers
  • AML/BSA Analysts
  • VPs and Directors of Finance
  • Financial Reporting Officers
  • Internal Auditors
  • Finance Executives
  • CPAs
  • Financial Crime Investigators
  • Fraud Risk Managers
  • Fraud Investigators

SPEAKERS

G. Elaine WoodVice President
Charles River Associates
Brad DragoonPrincipal
Charles River Associates
Ian A. HerbertCounsel
Miller & Chevalier

SUBSCRIPTION PACKAGES

ALL-ACCESS PASS

View Details

CLE LAW MONTHLY

View Details

CPE FINANCE MONTHLY

View Details

Join Over 150,000 Professionals Empowering Their Careers

Learn anywhere from over 1800+ live and recorded CLE CPE & Technology webcasts.