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:
Employment Scams – Profiting from an Economic Recession
The current high unemployment level in the United States, combined with the increase in legitimate remote (work from home) positions, has created a fertile environment in which employment scams are flourishing. Albert Einstein is credited with saying “In the midst of every crisis, lies great opportunity”. In the case of employment scams, unscrupulous individuals use social engineering to exploit the hopes and dreams of trusting job seekers who believe the remote job opportunity they applied for is real.
Kevin Kerl and Alyson Finkle Join the AML RightSource Leadership team
AML RightSource is pleased to announce that Kevin Kerl and Alyson (Aly) Finkle have joined the company as a Senior Vice President, People Operations & Analytics and Director, Talent Acquisition and Experience, respectively. Both Mr. Kerl and Ms. Finkle bring extensive experience in talent acquisition, retention, and management.
Corruption, Trade-Based Crime and the Need for Transparency
Tom Cardamone, the CEO and President of Global Financial Integrity (GFI), discusses the worldwide challenges of preventing illicit financial flows and how beneficial ownership reporting requirements will greatly assist law enforcement as they battle this global scourge.
Maria Filipakis and David Brown of the Topside Group Named Senior Advisors to AML RightSource
AML RightSource (“the Company”) is pleased to announce that Maria Filipakis and David Brown of the Topside Group have been named Senior Advisors to the Company. In this role they will be available to assist AML RightSource clients with regulatory and other advisory matters.
Tuning and Optimization of Suspicious Activity Monitoring Systems
In this installment of AML Voices, Chuck Taylor, AML RightSource Executive Vice President and Head of Financial Crimes Advisory, Matt Michaud, AML RightSource Senior Vice President, Bob Schuldes, Senior Vice President – BSA/AML/OFAC Officer at Associated Bank, and Scott Nathan, Managing Director, Global Head of Innovation for AML and ERM, at State Street, discuss best practices to tune and optimize transaction monitoring systems. They give practical insights into these processes to help organizations make their systems operate effectively and support a robust AML/BSA program.
Matt Michaud Joins the AML RightSource Leadership team
AML RightSource is pleased to announce that Matt Michaud has joined the company as a Senior Vice President, Financial Crimes Advisory. Mr. Michaud brings with him over 20 years of experience in financial services.
The AML Community and Domestic Terrorism
The terrorist attacks by US citizens against Congress and the Capitol on January 6th were the most horrific attacks on US soil since 9/11. We sat down with counter terrorism expert Dennis Lormel and discussed the financial aspects that enabled these attacks and what can be done going forward. There are parallels that Dennis and AML RightSource EVP John Byrne outline and cover in this special episode.
Indicators of Online Child Sexual Abuse
In this installment of AML Voices, John Byrne, AML RightSource Executive Vice President, Sara Crowe, Strategic Initiatives Director, Financial Systems at Polaris, and Angel Nguyen Swift, Head of Conduct Management at Wells Fargo, explore some of the indicators of online sexual abuse. They examine what financial service companies can do through their BSA/AML programs to help stop this element of human trafficking.
