The 2022 NMLRA: The Pandemic, Opioids, and Other “Changes” Continue to Challenge our Communities
There is an old idiom, attributed to the British that “March comes in like a lion and goes out like a lamb.” For the financial crime prevention community in the US, that probably won’t be accurate since we expect a whole host of studies, reports, and regulations throughout 2022. However, on March 1st, the Department of Treasury issued National Risk Assessments on money laundering, terrorist financing and proliferation financing. As there is quite a bit to unpack in all three, we will only focus here on the money laundering assessment or NMLRA.
The Art World Gets a Respite for Now, but “You Ain’t Goin Nowhere”
“The U.S. government and private sector must work together to bar criminals from exploiting the $28.3 billion American art market—the largest unregulated market in the world—or risk serious consequences for the country’s national security and economic integrity, as well as legitimate collectors, dealers, auction houses, and museums.”
In the Year 2022
What happened in 2021 and what to expect going forward?
9/11 Created the AML Community We Know Today
The End of the Innocence[1]
When is a Priority an Actual Priority?
Where Do We Go from Here?[i] Building on the various themes and issues addressed the AML Act of 2020, the Treasury Department has now published the mandated AML/CFT priorities included the Bank Secrecy Act (BSA) as amended by the new law. While the AML community has long looked to law enforcement, the federal banking agencies and related government entities for advice and counsel on the key financial crime challenges, there has been no central repository for the community to access. That changes with this announcement, which FinCEN stated will be updated every four years, as required by the law.
Get Together: Partnering and Collaboration is a Model for Anti-HT Success*
We in the financial crime prevention community are still assessing how the new Administration will address white collar crime and accompanying regulatory oversight. With the recent announcements about a new focus on tax evasion and enhanced reporting requirements for newer payment products such as virtual currency, it is clear that various forms of compliance and training will be essential and need to be enhanced. Added to these challenges is the wide policy support for private-public partnership and information sharing embedded in the recently enacted Anti-Money Laundering Act of 2020. This leads me to the proposition that no matter what or how much we address at the same time, let’s pause and recognize the ongoing examples of how the financial sector continues to be proactive and encourage those efforts so that their resources continue to be available to combat crimes such as human trafficking.
AML Reform 2021: Now the Real Work Begins
“Something Good This Way Comes”[1] As the new Congress and the Biden Administration continue to grapple with COVID relief, economic uncertainty, national security and all the proverbial “curveballs” facing society; there also remains oversight and implementation of a wide array of provisions from the Anti-Money Laundering Act of 2020. Our AML community knows that this legislation is clearly the broadest, and potentially the most dramatic change to the infrastructure for money laundering, sanctions and financial crime prevention in the United States since the 2001 USA PATRIOT Act. This new law has encourage the creations of a series of studies, strategies, and groups that will demand our continued diligence and participation as relevant stakeholders in every issue and project emanating from this process. There can be an entire chapter on the soon-to-be (after regulations) beneficial ownership reporting requirements and the FinCEN registry, but there are other important areas on which to also focus. Not all parts of the new law will be finalized or even begun in 2021, but here are some of the key sections to watch and weigh in on:
The AML Community List - 2021: What will be Out and In for the Upcoming Year?
I have always enjoyed The Washington Post’s (and I am sure various other publications) list for the next year. The uniqueness is, of course, they eliminate a popular or hot issue with a new one for the next calendar year. To say 2020 was different would be a vast understatement. What was clearly the most chaotic and challenging time for the entire world will, in most cases, sadly stay with us for a long time to come. The following are my (and mine alone) predictions for 2021, which is extremely foolish given what we just went through (and are still dealing with), but limited to AML related issues and themes. As David Letterman would have said, this is only an exhibition, not a competition -- so please, no wagering…
2020—AML Year End Review and What will 2021 Bring?
Ball of Confusion[i] Having been in what we call the AML community for close to 35 years, it was always clear to me that a “year-in-review” is both arbitrary and doesn’t really give you a cohesive sense of themes. However, everyone does it so here goes:
