Presented by AIBACP and Reg Tech Consulting, LLC
The AML Act of 2020 and FinCEN, PART II – What Has / Has Not Happened
Thursday, November 21, 2024, 1:30 – 2:30 EST
Presented by AIBACP and Reg Tech Consulting, LLC
REGISTER TODAY!
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 earlier webinar on this topic, we explored the interconnectedness between the two.
Join us on Thursday, November 21, 2024 for Part II, as Jim Richards, founder and principal of Reg Tech Consulting, LLC provides an update:
Several months have passed since the March 20, 2024 Part I webinar:
- What has happened?
- What has not happened that should have?
- And with the recent election results, what is the most plausible of the two options discussed in our Part I webinar?
As a reminder, 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.”
And, 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 8 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.
Members may register as follows: sign-in on the website https://www.aiba-us.org select “Upcoming Events” from the drop-down menu.
Non-members who wish to attend may apply for membership on the website.
CPE Credit
1 CPE Credit will be awarded to members attending the live webcast.
Also, please be reminded to renew your membership for 2024/25 on the AIBACP website
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