Gain a better understanding of AML laws, regulations, and enforcement in the United States.
All persons that interact with the U.S. financial system are impacted by U.S. laws enacted to fight money laundering and terrorist financing. The regulation and enforcement of anti-money laundering law evolves quickly, in response to the continuous efforts of illicit actors to find new ways to launder ill-gotten gains. Over the past year, change in this area has accelerated, and this acceleration will continue to evolve in 2024 in ways that impact not only financial institutions covered by AML regulations but also a broad swath of U.S. companies and non-U.S. companies conducting business in the United States. The program will provide attendees a basic understanding of AML laws, regulations, and enforcement in the United States, an outlook of changes on the horizon, and an understanding of how it impacts their business and clients.
Learning Objectives
- You will be able to understand the key concepts and definitions related to money laundering.
- You will be able to identify the scope of covered financial institutions.
- You will be able to evaluate enforcement and regulatory priorities in the context of anti-money laundering.
- You will be able to ensure compliance with minimum reporting and recordkeeping requirements, aligned with the institution’s risk assessment.
Agenda
Introductions
Anti-Money Laundering Background
- What Is Money Laundering?
- The Global Fight Against Money Laundering
- Criminal Money Laundering Statutes
- Introduction to the Bank Secrecy Act and the U.S. Anti-Money Laundering Scheme
Persons Covered by AML Requirements
- Introduction to the Scope of Covered Financial Institutions
- Upcoming Expansion of Coverage
- AML for Others in the Financial Industry That Are Not Covered
AML Compliance Requirements for Covered Financial Institutions
- Pillars of Effective AML Compliance Programs
- Customer Identification/Customer Due Diligence/Beneficial Ownership
- Reporting and Information-Sharing Requirements
- Recordkeeping Requirements
- Special Measures
The Anti-Money Laundering Act of 2020 and Important Changes
- Beneficial Ownership Reporting Requirements for Us and Foreign Companies
- Risk-Based Priorities
- Enhanced Whistle-Blower Incentives
Outlook Going Forward
- Enforcement and Regulatory Priorities
- Novel Use of Existing Tools to Address New Risks Risk-Based Policies, Procedures, and Internal Controls Reasonably Designed to Prevent, Detect, and Report Money Laundering and Terrorism Financing
- Must Ensure Compliance With Minimum Reporting and Recordkeeping Requirements
- Must Be Reasonably Related to the Institution’s Risk Assessment Agents and Certain Contractors
Speakers
Daniel R. Alonso,
Partner ,
Orrick, Herrington & Sutcliffe LLP- Partner at Orrick, Herrington & Sutcliffe LLP
- Practice emphasizes white-collar defense of corporations and individuals, internal investigations, and complex civil litigation
- Conducts regular seminars and workshops on various aspects of white-collar defense, internal investigations, and compliance
- Author of several publications related to white-collar defense, compliance with the FCPA, U.S. sanctions regimes, and anti-money laundering under the BSA
- Membership of the New York State Bar Association, American Bar Association, Hispanic National Bar Association, and New York City Bar Association
Who Should Attend
This live webinar is designed for attorneys, presidents, vice presidents, loan officers, loan department personnel, branch managers, credit and collections managers, controllers, accountants, compliance officers, and auditors.
