AML and sanctions compliance enforcement costs remain in the billions as financial institutions in the US continue to be challenged by new regulatory requirements and continuing enforcement action remediation. But, for the first time in a long time, there are indications that 2019 could be better. The regulators have clarified the difference between guidance and legal requirements and have signaled their support for exploring how innovative technologies may enhance the efficiency and effectiveness of AML and sanctions compliance programs. There are also signs that AML legislative reform may be on the horizon.
The panels, comprised of former regulators and global heads of AML and sanctions compliance divisions, provided insights on the year ahead and the steps that financial institutions should be taking to address AML and sanctions risks and maximize opportunities to work with regulators and legislators to advance AML compliance.
Topics Discussed
- Changes in the sanctions landscape
- Expectations for Year 2 of DFS Part 504 compliance
- Beneficial ownership implementation issues
- Lessons learned from recent bank and broker dealer enforcement actions
- Individual liability in AML and sanctions enforcement
- The outlook for legislative reform
- RegTech adoption
Panelists
- Marcus A. Asner, Arnold & Porter
- Carol Beaumier, Protiviti
- Shaun Creegan, Protiviti
- Daniel M. Hawke, Arnold & Porter
- Max Lerner, State Street Corporation
- Michael A. Mancusi, Arnold & Porter
- Kevin M. Toomey, Arnold & Porter
- Erik Walsh, Arnold & Porter
- Troy Winslow, Mitsubishi UFJ Financial Group
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