AML Conversations

This week, John and Elliot discuss Treasury testimony in the US Senate Banking Committee, Treasury’s updated cybersecurity MOU with Ukraine, a DOJ report on pandemic fraud, an interesting article on the impact of Russia sanctions, and more.

The money laundering challenges and potential abuse of the myriad “Residency and Citizenship by Investment Programmes.”: A FATF-OECD Report.

Our panellists discuss the 2023 Report and the need for improved awareness of enabling the movement of illicit funds without proper oversight and reporting.

Graham Peachey:

UK Home Office Senior Policy Advisor and Project Co-lead for the Financial Action Task Force project on Misuse of Residency and Citizenship by Investment Programmes.

Tivon Sterin:

Senior Policy Advisor, Office of Terrorist Financing and Financial Crimes, U.S. Department of the Treasury. Co-lead for the FATF project team on Misuse of Residency and Citizenship by Investment Programmes.

American Mother: A conversation with Diane Foley, President and Founder of the James W. Foley Legacy Foundation. Diane discusses her book, her decade-long effort to change American policy on hostage negotiations, the continued need to ensure the safety of journalists traveling aboard, and the overall importance of journalism in a world racked with terrorist activity.

This week, the US Department of Commerce issued a report about investigations of export control and antiboycott violations. FATF published information about countries’ progress in complying with its Recommendation 15 about VASPs. FinCEN requested information on a possible change to the CIP rule. John and Elliot discuss these items and others and their meaning for the financial crime compliance community.

What is Tuning and Optimization?

Why should financial institutions do this exercise?

Are there any benefits or regulatory prescriptions for it?

Josh and Jon, our experts in this field, provide a comprehensive overview of tuning and optimization, delving into the details of why it's essential, how it's done, the benefits for financial institutions, and what it looks like from a transaction monitoring perspective.

Tune in now!

This week, the US Department of Justice filed a forfeiture action to seize New York apartments allegedly purchased with funds from a corruption scheme in Mongolia. FATF upgraded its assessment of the US’s response to Recommendation 24 on beneficial ownership. The Wolfsberg Group issued new guidance on internal audit programs for financial crime compliance programs. The US Treasury released a report on managing AI-specific cybersecurity risks in the financial sector. John and Elliot discuss these items and their meaning for the financial crime compliance community.

John and Elliot are at the AML Partnership Forum this week. They review key themes from the meeting and discuss US Homeland Security’s Global Human Trafficking: A Year in Review report, the ICIJ’s Annual Report for 2023, and a GAO anti-money laundering report.

The Office of the Director of National Intelligence has issued its Annual Threat Assessment. The Departments of Commerce, Treasury, and Justice issued a joint Compliance Note on the obligations of foreign-based persons to comply with US sanctions and export controls. John and Elliot discuss these reports, other items, and their meaning for the financial crime compliance community.

There are many things to talk about this week. A US District Court issued an opinion disrupting the beneficial ownership registry. The UK Financial Conduct Authority issued a letter to CEOs about the inadequacy of compliance with money laundering regulations. An op-ed about avoidance of sanctions in the US art market. An investigative article into facilitating shell companies. John and Elliot discuss all these items and their meaning for the financial crime compliance community.

John and Elliot discuss the outcomes from the FATF Plenary, new sanctions issued against Russia, the results of the Puerto Rican Bankers’ AML Forum, and their meaning for the financial crime compliance community.