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Managing Challenges in BSA/AML Reform 2023 and Beyond


Level: Advanced
Runtime: 52 minutes
Recorded Date: December 08, 2022
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Agenda

  • Updates on Beneficial Ownership reporting rule
  • Discuss the importance of SAR reporting for law enforcement
  • Learnings from compliance failures highlighted in recent enforcement actions
  • Understanding AML/CTF risks for financial institutions in the current regulatory environment
  • Summary of recent international and APAC developments in AML/CTF.
  • Recent AML/CTF guidance and updated by FATF
  • Highlighting up to date money laundering typologies and high profile enforcement actions
Runtime: 52 minutes
Recorded: December 8, 2022

For NY - Difficulty Level: For experienced attorneys only (nontransitional)
For NY - Difficulty Level: Experienced attorneys only (non-transitional)

Description

The Financial Crime Enforcement Network (FinCEN) is continuously expanding its efforts to streamline, modernize, and update anti-money laundering (AML) and anti-terrorism financing regulations. Several developments in this area involve the proposed rulemaking for the Corporate Transparency Act’s (CTA) beneficial ownership, sharing of threat patterns and trend information, and proposed amendments to antiquities trade. Moreover, the Anti-Money Laundering Act of 2020 (AMLA) significantly increases the Bank Secrecy Act (BSA) requirements, thus posing numerous compliance hurdles for financial institutions.

To keep pace with the evolving regulatory landscape, financial institutions and other businesses concerned should stay in the loop with any developments in this field to avoid noncompliance.

Listen as finance lawyer Dennis Miralis and financial services industry expert Jesus Ornelas provide the audience with a comprehensive discussion of the recent BSA/AML enforcement trends and developments. Speakers, among other things, will also offer practical tips and compliance strategies in this ever-changing regulatory landscape.

This program was recorded on December 8, 2022.

Provided By

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Panelists

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Dennis Miralis

Partner, International Criminal Defense Lawyer
Nyman Gibson MIralis

Dennis Miralis is a leading Australian defense lawyer who acts and advises in complex domestic and international criminal law matters in the following areas: international money laundering; white-collar and corporate crime; serious fraud; cybercrime; international asset forfeiture; international proceeds of crime law; bribery and corruption law; transnational crime law; extradition law; mutual assistance in criminal law matters; anti-terrorism law; national security law; criminal intelligence law; and encryption law.

He appears in all courts throughout Australia and regularly travels outside of Australia for complex international/transnational criminal law matters.

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Jesus Ornelas

Seinor Director, BSA/AML Expert
FTI Consulting, Inc.

Jesus is a Senior Director and a member of the Financial Services Practice at FTI Consulting. His expertise and skills include knowledge of BSA/AML, KYC and OFAC regulatory policies. At FTI Consulting, Mr. Ornelas has been a contributing leader in a wide range of engagements with multinational banks and financial services companies. Mr. Ornelas has consulted with clients on evaluating risks of money laundering, terrorism financing and KYC due diligence functions. On several assignments, Mr. Ornelas conducted independent reviews of client policies, procedures and processes supporting KYC functions, such as Customer Identification Programs and Customer Due Diligence. He has also been responsible for reviewing the effectiveness of client compliance training programs and the effectiveness of internal controls.

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