Sanctions Space AML Legends Talk Sanctions
Nov 12, 2024
Join AML legends Rick Small and Bill Fox as they dive into the intricate world of sanctions and anti-money laundering. Rick emphasizes that financial institutions serve as the frontline enforcers of sanctions, while Bill discusses the increasingly complex compliance landscape. They explore the interconnectedness of sanctions and AML practices, the challenges of risk assessments across diverse jurisdictions, and the necessity for improved frameworks and collaboration between the public and private sectors.
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2005 Banco Delta Asia AML Anecdote
- In 2005, an AML action against Banco Delta Asia unexpectedly cut off North Korean financing.
- This event marked the evolution of economic sanctions as a key government tool for foreign policy.
Financial Institutions as Sanctions Enforcers
- Sanctions and AML programs have historically been separate but are now deeply interconnected.
- The financial institutions act as the primary enforcers or 'police' of sanctions compliance.
AML Tools Support Sanctions Targeting
- Sanctions targeting is mainly a government function due to exclusive intelligence access.
- AML tools help identify suspicious networks, strengthening sanctions enforcement.