Modern AML Practices and BSA Enforcement in a Shifting Regulatory Landscape

The session will cover trends in Bank Secrecy Act (BSA) and Anti-Money Laundering (AML) enforcement since the passage of the Anti-Money Laundering Act of 2020.  The session will provide a high-level primer on the evolution of BSA/AML regulations since the passage of the Bank Secrecy Act of 1970 before turning to some of the most consequential BSA/AML enforcement actions of the past few years, including the United States v. TD Bank. We will cover areas of regulatory and enforcement activity that transcend both the Biden and Trump II administrations.

Topics will include burgeoning threats such as transnational pig-butchering scams, insider money laundering threats, and how new technologies, such as generative AI, are re-defining the threat landscape. The session will also cover how recent developments shape regulatory expectations regarding risk assessments, banks’ use of technology, and increased expectations regarding involvement and oversight of Boards of Directors and banks’ C-Suites.

The session will delve into the intersection of geopolitics and compliance, including the Trump administration’s designation of eight (8) transnational cartels as Foreign Terrorist Organizations (FTOs) and the implication those designations have on BSA/AML programs, sanctions compliance, and potential civil litigation risk under the Anti-Terrorism Act.  We will also cover the current administration’s policies on financial and trade sanctions, with a particular focus on the conflicts in Ukraine and Iran, and how banks might think about integrating OFAC risk into their existing compliance programs.  Attendees will be challenged to think about how their institutions are approaching BSA/AML, risk assessment, technology integration, and compliance resourcing.

For more information, view the event details.