Jim Richards

Jim Richards, a veteran banking executive and financial crime fighter, delves into TD Bank's shocking $3.1 billion penalties for money laundering. He unpacks systemic failures, emphasizing the role of compliance officers and the dire need for accountability in banking. Richards discusses the troubling trend of financial institutions prioritizing profits over ethics, and he underscores the urgency for consumer awareness and regulatory reform to prevent future scandals. His insights shed light on the fragile trust between banks and their customers.

Jim Richards, former BSA officer and CEO of RegTech Consulting, discusses the US Corporate Transparency Act (CTA). He highlights limitations of the beneficial ownership database, exemptions, and threats to financial criminals. Suggestions on improving FinCEN's approach are discussed.