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Money laundering is a global issue. Anti-Money Laundering (“AML”) / Counter-Financing of Terrorism (“CFT”) regulation and enforcement continues to evolve and has grown dramatically in breadth and sophistication – just as illicit actors continue to find new and creative methods to launder their illegal proceeds. These issues present unique legal challenges and impact financial institutions, executives and professionals.
Regulators and prosecutors continue to focus on the misuse of shell companies, offshore entities, trusts, and other entities to conceal the source or control of funds used to purchase assets and make investments. Financial institutions seek compliance but stress the need to reduce regulatory burdens and provide flexibility for new technologies and industries to grow.
2023 will be another significant year in AML/CFT regulation, compliance and enforcement due to major legislative and regulatory changes. These changes will implicate not only the key issue of reporting and tracking the beneficial owners of companies, but countless other issues, including the effectiveness of AML compliance programs and BSA reporting requirements. Further, the evolving role of blockchain technology and cryptocurrency remains a key enforcement and regulatory issue. Meanwhile, significant prosecutions and forfeiture actions will continue.
What You Will Learn
Why you, your clients and other professionals need to worry about money laundering and AML/CFT compliance.
“Hot topics” in AML regulation: significant regulatory changes; new required beneficial ownership reporting by millions of U.S. and foreign business entities; the consequences for financial institutions’ AML program compliance; and more.
Money laundering enforcement today: what is the focus of the DOJ?
Cryptocurrency and digital assets: how does the current regulatory scheme apply, and how might that scheme change?
CPE Program Level: Overview
Prerequisites: A background in analyzing financial products and services. Experience regarding developing, analyzing, testing, or monitoring compliance programs.
Intended Audience: Attorneys and allied professionals who want a firm grasp of Anti-Money Laundering regulations, anti-corruption issues, and related compliance programs.
Advanced Prep: None