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Money laundering is an ingrained problem in today’s global economy. 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.
2021 will be a watershed year in AML/CFT regulation and compliance 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, from gauging the effectiveness and costs of reporting requirements under the Bank Secrecy Act (“BSA”), to enhanced AML information sharing among financial institutions and governments, to whistleblower actions. Meanwhile, significant prosecutions and forfeiture actions will continue.
What You Will Learn
- Why you and your clients need to worry about money laundering and AML/CFT compliance.
- “Hot topics” in AML and money laundering: significant legislative and regulatory reform; the use of art and antiquities; and the laundering of foreign corruption proceeds in the U.S.
- Offshore entities, shell companies, and trusts – who are you really doing business with?
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