Compliance Clarified – a podcast by Thomson Reuters Regulatory Intelligence
Series 2, Episode 4: Evolving impact of financial crime
Jun 15, 2021
The podcast discusses the evolving impact of financial crime on financial services firms. Topics include changing sanctions, actions of the Financial Action Task Force against cryptocurrencies, ransomware, U.S. AML Act of 2020, and the use of technology. They also explore the importance of compliance teams, skills improvement, regulatory developments, and blockchain analysis in financial crime.
40:35
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Quick takeaways
- The Biden administration is reviewing and refining its approach to sanctions, aiming to avoid unintended consequences and maintain global reliance on the US dollar.
- Technology plays a crucial role in combating financial crime, but collaboration among banks and skilled personnel remain essential for effective prevention and detection.
Deep dives
Biden Administration's Approach to US Sanctions
The Biden administration continues to utilize sanctions as a tool, but with a more targeted approach focused on impacting governments and corrupt individuals while avoiding punishing ordinary citizens. They are also reviewing the effectiveness of sanctions and their impact on humanitarian aid, as well as considering the potential unintended consequences of overusing US sanctions. The administration aims to avoid pushing the world away from using the US dollar as a result of excessive sanctions. The review is still ongoing, and changes in approach are yet to be seen.
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