Understand the money laundering risks in the industry and the AML compliance program requirements imposed.
As Treasury explained in its 2020 National Strategy for Combating Terrorist and Other Illicit Financing, criminals with widely divergent levels of financial sophistication use real estate at all price levels to store, launder, or benefit from illicit funds. Real property transactions involving both residential and commercial properties carry significant risks of money laundering and terrorist financing. The risk is even greater when the transaction involves cash purchases or anonymous entities or trusts. To combat this risk, the Bank Secrecy Act requires financial institutions, including loan and finance companies, to develop AML compliance programs, including policies and procedures that are reasonably designed to identify and prevent money laundering. FinCEN also requires reporting about certain real estate transactions, not only by loan and finance companies but also by designated individuals in connection with cash purchases. This presentation will help individuals involved in real estate transactions understand the money laundering risks in the industry and the AML compliance program requirements imposed on the industry.
Learning Objectives
- You will be able to identify high-risk transactions related to real estate transactions.
- You will be able to explain the AML compliance program requirements for loan and finance companies.
- You will be able to describe reporting requirements for non-financed transactions.
- You will be able to review other rulemakings.
Agenda
Overview and History of U.S. Anti-Money Laundering Laws
- Passage of the Bank Secrecy Act and Relevant Revisions
- Other AML Statutes
- Regulatory Framework
AML Compliance Programs for Loan and Finance Companies
- AML Program Requirements
- Best Practices for an Effective AML Compliance Program
- Identifying High Risk Transactions
- Reporting Requirements
- Recordkeeping Requirements
AML Compliance for Non-Financed Transactions
- Use of Geographic Targeting Orders
- New Regulations Governing Non-Financed Transactions
- Who Must Report and What Must Be Reported
Other Regulations and Requirements
- Additional Rulemakings
Speakers
Ian A. Herbert,
Miller & Chevalier Chartered- Counsel at Miller & Chevalier Chartered in Washington, D.C.
- Represents global companies, financial services companies, and executives through government investigations and related investigations, focusing on a range of issues such as bribery, tax fraud, money laundering, and financial crimes
- Experienced engaging with the Department of Justice (DOJ), Securities and Exchange Commission (SEC), and other federal and state regulators
- Represented more than a dozen bank employees in connection with investigations by the SEC and the Office of Comptroller of the Currency
- Writes regularly on issues related to white-collar criminal enforcement and money laundering and is an editor of both the Executives at Risk newsletter, which reports on noteworthy cases and investigations impacting corporate executives, and the Money Laundering Enforcement Trends newsletter, which focuses on developments in money laundering regulation and enforcement
- J.D. degree, New York University School of Law; B.A. degree, University of Michigan
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.
