AML Conversations

This week, John and Elliot discuss the latest pronouncements from the US Treasury about the Corporate Transparency Act, the new head of the Treasury’s Office of Terrorism and Financial Intelligence, the case of theft from a non-profit to support cancer patients, the 2024 Corruption Perceptions Index from Transparency International, and other items impacting the financial crime prevention community.

Steve Lamb, COO at Kyckr and expert in business verification, dives into the pressing challenges of knowing your counterparty in today's data-rich world. He elaborates on the global variances in corporate registries and the role of advanced technology in enhancing verification processes to combat financial crime. Lamb emphasizes the importance of beneficial ownership transparency and the need for continuous client monitoring through innovative methods like AI. He also highlights how global registries are vital for compliance and risk assessment in financial crime prevention.

This week, the hosts dive into the latest FATF Plenary results, highlighting concerns about anonymous shell corporations and their threats to national security. They discuss new sanctions imposed by the UK and EU on Russian interests amid ongoing diplomatic efforts. Insights from GAO reports shed light on improving accountability in tracking illicit finance. Additionally, there’s a focus on the urgent updates regarding beneficial ownership filing requirements and challenges in fraud prevention and banking regulation.

This week, John and Elliot discuss more about corruption, including the fallout from the effort to drop the charges against New York Mayor Eric Adams, another publication from the Basel Institute on Governance on the UK’s process for compensating victims of foreign bribery, and a statement from the UK Anti-Corruption Coalition. They also discuss the recent staffing changes at the IRS and other federal agencies, Operation Shamrock, a group dedicated to raising awareness of pig butchering and disrupting networks of transnational organized criminals, and other items impacting the financial crime prevention community.

Mossimo Bronzetti, a seasoned legal expert in AML and third-party risk management, discusses the evolving landscape of third-party risk. He emphasizes the critical importance of reputational risks, especially in the age of social media, while outlining how these risks can significantly impact consumer-focused businesses. The conversation also delves into emerging legal risks tied to new regulations like the EU Corporate Sustainability Reporting Directive, highlighting the need for organizations to adapt their risk assessments to ensure sustainability and ethical standards.

Forced labor and human rights issues are serious risks in the supply chain. Learn how adequate due diligence can help detect and interdict these activities.

Managing third-party relationships grows complex as companies expand. Discover the critical role of technology in streamlining risk management strategies. Learn how effective due diligence starts with data aggregation and a risk-based evaluation. Delve into the importance of sanctions and media screening to mitigate legal and reputational risks. This conversation provides insights into navigating the challenges tied to large vendor populations in today’s dynamic landscape.

This week, John and Elliot discuss corruption, including the dropping of charges against New York Mayor Eric Adams, the Basel Institute on Governance’s new quick guide on strategic corruption, and the DOJ’s pausing enforcement of the Foreign Corrupt Practices Act. They also discuss issues raised by BaFin about AI-based fraud, actions by Europol on cybercrime, and other items impacting the financial crime prevention community.

Learn how AI can improve due diligence activities in your third-party risk management program.

This week, John and Elliot discuss remarks by the president of the Basel Institute on Governance on its new priorities in addressing corruption, environment, and climate challenges. They also reviewed the FATF 2023-2024 Report, new expectations from the FCA on fraud reimbursements, progress on the EU’s new anti-corruption legislation, congressional hearings on debanking, turmoil at the FBI, and other items impacting the financial crime prevention community.