Association of International Bank Audit and Compliance Professionals Inc.
New Date: WEBINAR, September 25, 2024
*Register Today
The AML Act of 2020 and FinCEN, PART II – What Has / Has Not Happened
Wednesday, September 25, 2024 – 1:30 – 2:30 p.m. EDT
Join Zoom Meeting:
https://us05web.zoom.us/j/84550796573?pwd=R8O0YaaWwTiDKr9YnyUMaCBHqjatyT.1
Meeting ID: 845 5079 6573
Passcode: 8XfRxX
In association with:
AGENDA
The AML Act of 2020 and FinCEN, PART II – What Has / Has Not Happened
The AML Act of 2020 (“the Act”) represents a significant step forward in the fight against money laundering and
terrorist financing in the United States, introducing measures to enhance corporate transparency and requiring
companies to disclose their beneficial owners to FinCEN, a primary regulatory agency of the U.S. Treasury.
FinCEN is responsible for implementing and enforcing AML regulations and plays a crucial role in overseeing
compliance with the Act, provides guidance to financial institutions, collects and analyzes financial transaction
data, and administers enforcement actions against those who violate AML laws.
In our last webinar we explored the interconnectedness between the two.
Join us on Wednesday, September 25, 2024 for Part II, as Jim Richards, founder and principal of Reg
Tech Consulting, LLC provides an update:
Six months has passed since the March 20, 2024 Part I webinar. What has happened? What has not
happened that should have?
There is a proposed new AML program rule which could be a game changer.
https://www.fincen.gov/sites/default/files/shared/Program-NPRM-FactSheet-508.pdf
“The proposed rule would require a financial institution’s AML/CFT program to include a risk assessment process to better
enable it to identify and understand its exposure to money laundering, terrorist financing, and other illicit finance activity
risks. Under the proposed rule, financial institutions would be expected to use the results of their risk assessment process
to develop risk-based internal policies, procedures, and controls in order to manage and mitigate risks, provide highly
useful information to government authorities, and further the purposes of the BSA.”
There is a new final rule for residential real estate transactions requiring certain real estate professionals to
report information to FinCEN about non-financed transfers of residential real estate to legal entities or
trusts. The rule is intended to increase transparency and limit the ability of illicit actors to launder money
through the American housing market.
https://www.fincen.gov/news/news-releases/fincen-proposes-rule-combat-money-laundering-and-promote-transparency
We still don’t have a proposed rule reconciling the existing beneficial ownership rule with the new Corporate
Transparency Act beneficial ownership reporting and access rules. As to reporting, about 4 million of the
estimated 40 million reporting companies that have to submit Beneficial Ownership Information (BOI) this year
have done so. As to access, we don’t know if any agency has been given access.
1:30 – 1:35 p.m.
Welcome: Michele M. Fleming, Chair, AIBACP
1:35 – 2:25 p.m.
Webinar / Q&A: Jim Richards, founder and principal of Reg Tech Consulting, LLC
2:25 – 2:30 p.m. Closing Remarks: M. Fleming
AGENDA
CPE Credit
1 CPE Credit will be
awarded to members
attending the live webinar
Registration Required
Questions?
Contact Rose Napoli
rosenapoli23@gmail.com
Jim Richards, Founder and Principal, Reg Tech Consulting, LLC
Jim Richards is the principal and founder of RegTech Consulting LLC, focused on providing
strategic advice on all aspects of financial crimes risk management.
From 2005 through April 2018 Mr. Richards served as the Director of Global Financial
Crimes Risk Management for Wells Fargo & Co., responsible for anti-money laundering
(AML), counter-terrorist financing (CTF), external fraud, internal fraud and misconduct, the
identity theft prevention program, global sanctions, financial crimes analytics, high-risk
customer due diligence, and sanctions.
Prior to his role with Wells Fargo, Mr. Richards was the AML operations executive at Bank
of America. He is a three-time member of the Treasury Department’s Bank Secrecy Act
Advisory Group, and a founding member of the advisory board of the Association of
Certified Anti-Money Laundering Specialists. Prior to his 20-year career in banking, Mr.
Richards was a prosecutor in Massachusetts, a barrister in Ontario, Canada, and a Special
Constable with the Royal Canadian Mounted Police. He is the author of “Transnational
Criminal Organizations, Cybercrime, and Money Laundering.” Mr. Richards has a Bachelor
of Commerce (B.Comm.) degree and Juris Doctorate from the University of British
Columbia.
*Members: sign-in on the website https://www.aibacp.org/ select “Upcoming Events”
from the drop-down menu.
Non-members who wish to attend may apply for membership on the website.
AGENDA
www.aibacp.org/
The AML Act of 2020 and FinCEN, PART II – What Has/Has Not Happened