Description
Gain a better understanding of AML laws, regulations, and enforcement in the United States.All persons that interact with the U.S. financial system are impacted by U.S. laws enacted to fight money laundering and terrorist financing. The regulation and enforcement of antimoney laundering law evolves quickly, in response to the continuous efforts of illicit actors to find new ways to launder illgotten gains. Over the past year, change in this area has accelerated, and this acceleration will continue to evolve in 2024 in ways that impact not only financial institutions covered by AML regulations but also a broad swath of U.S. companies and nonU.S. companies conducting business in the United States. The program will provide attendees a basic understanding of AML laws, regulations, and enforcement in the United States, an outlook of changes on the horizon, and an understanding of how it impacts their business and clients.
Date: 2024-01-26 Start Time: End Time:
Learning Objectives
Introductions
Anti-Money Laundering Background
• What Is Money Laundering?
• The Global Fight Against Money Laundering
• Criminal Money Laundering Statutes
• Introduction to the Bank Secrecy Act and the U.S. Anti-Money Laundering Scheme
Persons Covered by AML Requirements
• Introduction to the Scope of Covered Financial Institutions
• Upcoming Expansion of Coverage
• AML for Others in the Financial Industry That Are Not Covered
AML Compliance Requirements for Covered Financial Institutions
• Pillars of Effective AML Compliance Programs
• Customer Identification/Customer Due Diligence/Beneficial Ownership
• Reporting and Information-Sharing Requirements
• Recordkeeping Requirements
• Special Measures
The Anti-Money Laundering Act of 2020 and Important Changes
• Beneficial Ownership Reporting Requirements for Us and Foreign Companies
• Risk-Based Priorities
• Enhanced Whistle-Blower Incentives
Outlook Going Forward
• Enforcement and Regulatory Priorities
• Novel Use of Existing Tools to Address New Risks Risk-Based Policies, Procedures, and Internal Controls Reasonably Designed to Prevent, Detect, and Report Money Laundering and Terrorism Financing
• Must Ensure Compliance With Minimum Reporting and Recordkeeping Requirements
• Must Be Reasonably Related to the Institutions Risk Assessment Agents and Certain Contractors
CLE (Please check the Detailed Credit Information page for states that have already been approved) ,Additional credit may be available upon request. Contact Lorman at 866-352-9540 for further information.
Daniel R. Alonso-Orrick, Herrington & Sutcliffe LLP, Benjamin Hutten – Orrick, Herrington & Sutcliffe LLP
