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Overview
Anti-money laundering and sanctions issues are topics of perennial interest, but the fundamentals of compliance are often obscured by large dollar amounts in headlines. However, these fundamentals are the foundation on which thousands of professionals protect our financial system. In this one-hour briefing, Matthew Bisanz, a regulatory partner in Mayer Brown LLP's Washington DC office, and Max Bonici in Buckley LLP’s Washington DC office, will survey the comprehensive compliance obligations of banks with respect to combatting money laundering and terrorist financing. They also will address economic sanctions compliance and the implications of its strict liability regime.
Key areas to be discussed include:
- Entities covered by compliance obligations (5 minutes)
- Pillars of an effective compliance program (8 minutes)
- Customer and beneficial owner identification and verification (5 minutes)
- Enhanced due diligence (3 minutes)
- Suspicious activity monitoring and reporting (8 minutes)
- Information requests and sharing (5 minutes)
- Currency, monetary instruments, and trade-based reporting (3 minutes)
- Geographic targeting orders (3 minutes)
- OFAC compliance program (5 minutes)
- Sanctions screening (5 minutes)
- Blocking, rejecting, and reporting issues (5 minutes)
- State compliance obligations (5 minutes)
Program Level: Overview
Prerequisites: None
Advanced Preparation: None