AML Conversations

This week, John and Elliot discuss some of the pardons issued by the new administration, actions taken by several state financial service regulators, the EU’s Digital Operational Resilience Act, sanctions and export control penalties levied against a US automated equipment company, and other items impacting the financial crime prevention community.

This week, John and Elliot discuss the forthcoming Crypto Crime Report for 2024 from TRM Labs, various sanctions focused on the Russian energy sector and cross-border payments between actors in Russia and China, civil money penalties against former senior officials at Wells Fargo, penalties issued against Robinhood by the SEC, insights from counter-terrorism experts at the Atlantic Council, and other items impacting the financial crime prevention community.

Ashleigh Subramanian-Montgomery, Senior Policy Director of the Charity and Security Network, discusses the recent report on the impacts of UN Resolution 2664 on financial institutions and donors, the passage of a permanent humanitarian carveout, and the challenges in Syria assisting those in need during the country's chaotic times.

Dr. Mohamed Lazzouni, Chief Technology Officer of Aware, discusses the value of biometrics for onboarding, KYC, and other responses to money laundering, cyberattacks, and various financial crimes.

This week, John and Elliot discuss the Transparency International report on the best places to hide dirty money, several actions in the sanctions area including relief from some sanctions on Syria, the DOJ’s distribution of $1billion to victims of state-sponsored terrorism, several bank regulatory actions, recent court decisions relating to the Beneficial Ownership registry and the Corporate Transparency Act, and other items impacting the financial crime prevention community.

Delve into the implications of foreign investment in the U.S. as experts discuss recent regulatory changes. Discover new sanctions targeting fentanyl producers and the critical findings from Europol on migrant smuggling and human trafficking. The conversation also highlights bipartisan efforts to enhance financial regulations and security, including a focus on AI's impact on financial services. Gain insights into the need for updated anti-money laundering practices and examiner training amidst these complex challenges.

This discussion reveals significant announcements from the Justice Department about repatriating funds for victims of financial crimes. The Federal Reserve's actions against Banking as a Service highlight compliance challenges for institutions. Critical insights on the infrastructure needed to combat elder financial abuse emphasize the importance of reporting obligations. Experts share thoughts on corruption and the evolving landscape of anti-money laundering reforms, inviting listeners to deepen their understanding of these pressing issues.

Bonnie Goldblatt, founder and CEO of AML Art Compliance Experts, brings her unique perspective from law enforcement and finance to the conversation. She reveals how art is exploited for money laundering, discussing the opacity of the industry and the challenges faced by financial institutions. Goldblatt emphasizes the importance of provenance in tracking art and combating fraud. She also highlights how high-value artworks are used to move oligarch wealth and stresses the need for robust compliance initiatives in galleries and auction houses.

Explore the implications of a new GAO report on Currency Transaction Reports affecting financial institutions. Discover how automation is changing banking compliance amid rising cyber threats. Dive into the significance of credit risk and the Wolfsberg Group's transparency guidelines. Unpack recent U.S. Treasury sanctions targeting narcotics traffickers and the balance between regulation and humanitarian aid. Plus, stay tuned for reflections on the past year and exciting upcoming topics!

This week, John and Elliot discuss the recent report on Forced Labor in the Global Supply Chain, the 2024 Annual Report from IRS:CI, several actions taken by the US Treasury, OFAC, and FinCEN, an interesting blog about how to tackle the growing impact of fraud, and other items impacting the financial crime prevention community.